Tag: News


Why is the Australian Tax System Unique?

07

Apr 2011

Why is the Australian Tax System Unique?

As per the Australian Institue of Chartered Accountants magazine for April 2010:  Australia has one of the most complex tax systems in the world  There are roughly 5,700 pages of income tax legislation in Australia  Australians currently pay 125 taxes; of these, 10 taxes collect 90% of the revenue  The number of taxes rise to 259 when you consider that states have different taxes  73%...

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2010 Federal Budget, and other exciting news!

12

May 2010

2010 Federal Budget, and other exciting news!

Exciting news, the 2010 federal budget was released last night. Please find attached a summary of the proposed amendments.  The attached document is reasonably detailed so feel free to contact myself if you have any queries. Link to the 2010 Federal Budget A brief summary of the budget:•    An expected return to surplus in 2012-13;•    Funding of a renewable energy future fund;•    Funding of a new...

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ATO expands cash economy data matching program

20

Mar 2010

ATO expands cash economy data matching program

[News release from the ATO on 29 March 2010] In its continuing effort to detect businesses operating in the cash economy, especially in high risk industries, the ATO has recently expanded its data matching program on two fronts. The program now includes data from banks that identify credit card and EFTPOS sales made by Australian businesses, and data from the sale of plasterboard in NSW...

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22

Feb 2010

ATO perspectives on large business

The Deputy Commissioner, Large Business and International (Case Leadership), Mr Jim Killaly, has given a speech on the Tax Office’s perspectives on the large business sector. Interesting points made by Mr Killaly included the following: • there is a significant concentration of cross-border activity in the large business segment which has intensified with the increasing internationalisation of the Australian economy and the globalisation of capital...

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15

Jun 2009

Swan rules out any increase in GST rate

A federal government review of taxation will not consider any increase in the rate of GST, federal Treasurer Wayne Swan says. The Business Council of Australia, in a submission to the Henry review, has called for a halving of the company tax rate to 15 per cent and an unspecified increase to the GST. No government would be able to balance its budget without a...

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