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Bank levy to hit investors, customers, workers

May 27, 2017

Bank levy to hit investors, customers, workers Richard Gluyas, The Australian, 22 May 2017 Modelling by the major banks reveals that the government’s $6.2 billion levy on industry liabilities will have a significant impact on one or more of the three groups that will share the pain — customers, shareholders and bank workforces. With the

Mathias Cormann rejects hitting foreign banks with tax

May 27, 2017

Mathias Cormann rejects hitting foreign banks with tax Phillip Coorey, The Australian Financial Review, 22 May 2017 The federal government has rejected a call by Labor and the Nick Xenophon Team to subject foreign banks to the new bank tax, arguing it would defeat the purpose of the levy which was to foster greater

Shorten to end double dip on tax advice

May 27, 2017

Shorten to end double dip on tax advice Colin Brinsden, The Australian, 21 May 2017 Opposition Leader Bill Shorten has pinched a phrase from Joe Hockey to describe how rich people manage their tax affairs. He wants to end the practice of paying accountants thousands of dollars to arrange financial affairs and then claim that

Tax deductions for advice should be capped at $3,000: Australia Institute

May 27, 2017

Tax deductions for advice should be capped at $3,000: Australia Institute Michael Janda, ABC News, 22 May 2017 The Australia Institute think tank has backed a plan by Labor to limit deductions for the cost of managing tax affairs to $3,000. Under current tax laws, individuals can claim all their expenses related to managing taxation,

FactCheck Q&A: does Australia have one of the highest progressive tax rates in the developed world?

May 20, 2017

FactCheck Q&A: does Australia have one of the highest progressive tax rates in the developed world? Kathrin Bain, review by Helen Hodgson, The Conversation, 19 May 2017 "Look, we just need to keep in mind that we have one of the highest progressive tax rates in the developed world at the moment." – Innes

Bank tax: Regulator doesn’t have the power to stop banks passing on costs, says ACCC boss

May 20, 2017

Bank tax: Regulator doesn't have the power to stop banks passing on costs, says ACCC boss Peter Ryan, ABC News, 18 May 2017 Australia's five biggest banks have been put on notice that the competition watchdog will use new surveillance powers to put pressure on them not to pass on the new bank levy

ATO launches $1bn crackdown on multinationals’ loans to locals

May 20, 2017

ATO launches $1bn crackdown on multinationals’ loans to locals Ben Butler, The Australian, 16 May 2017 About 15 big multinationals with local arms that have borrowed billions from their parent companies have been corralled into a newly established “red zone” where the tax office plans to concentrate its enforcement firepower. In a draft compliance guideline,

Budget: Bill Shorten won’t agree to Coalition’s Medicare levy increase

May 20, 2017

Budget: Bill Shorten won’t agree to Coalition’s Medicare levy increase Greg Brown, The Australian, 15 May 2017 The funding of the National Disability Insurance Scheme has been thrown into doubt after Bill Shorten declared he would not compromise on increasing the Medicare levy for all taxpayers. Mr Shorten said in Melbourne this morning that Malcolm

Budget 2017: Tax breaks for social housing investors

May 13, 2017

Budget 2017: Tax breaks for social housing investors Matthew Cranston, The Australian Financial Review, 9 May 2017 Retail and institutional investors are being lured into investing in Australia's growing social housing sector with discounts on capital gains, the creation of a new bond market and the roll out of new "micro" city deals. Managed Investment

Labor plan to name and shame multinationals on tax evasion

May 13, 2017

Labor plan to name and shame multinationals on tax evasion Gareth Hutchens, The Guardian, 13 May 2017 A Labor government would publish sensitive information about where and how much tax is paid by large multinational corporations each year in a bid to crack down on global tax evasion, the shadow treasurer, Chris Bowen, says. Labor