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 Read more about Why is the Australian Tax System Unique?[…]
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 Read more about 2010 Federal Budget, and other exciting news![…]
[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 Read more about ATO expands cash economy data matching program[…]
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 Read more about ATO perspectives on large business[…]
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 Read more about Swan rules out any increase in GST rate[…]