Australian budget

By Leith van Onselen Last month it was revealed that a draft tax ruling issued by the Australian Taxation Office (ATO) in March 2017 could allow “passive” family investment companies to claim tax refunds and deductions, opening the door for wealthy families to claim back hundreds of millions of dollars.

By Leith van Onselen ACIL Allen has produced a report confirming what many of us already know: that the proposed $1 billion concessional loan to Adani to build the Carmichael coal project is a dud that poses great risks to Australian taxpayers.

By Leith van Onselen The business lobby’s new found propaganda drive surrounding company tax cuts has continued, with Business Council of Australia (BCA) CEO Jennifer Westacott has labelling Opposition Leader Bill Shorten a liar for claiming that reducing the company tax rate will adversely affect economic growth.

By Leith van Onselen Labor leader Bill Shorten addressed the New South Wales Labor conference over the weekend, whereby he outlined his plan to tax trusts at 30% that would raise $17.2 billion over 10 years.

By Leith van Onselen The Australian Greens have launched a new housing affordability package, entitled “Everyone needs a home”, which endeavours to remedy Australia’s “rigged housing market” by curbing negative gearing and the capital gains tax (CGT) discount, as well as help the states switch from stamp duties to land taxes.

By Leith van Onselen The business lobby’s new found propaganda drive surrounding company tax cuts continues in earnest today, with Business Council of Australia (BCA) president, Grant King, penning the following drivel today in The AFR: Much of the political debate about important changes Australia needs to make is focused around one question: what is fair?

By Leith van Onselen It’s the policy that just won’t die! Members of the Business Council of Australia’s (BCA) board and the CBA’s chief have once again called for the corporate tax rate to be reduced in order to lift the nation’s economic growth rate to at least 3%.

Cross-posted from The Conversation: There is very little, if anything, to commend discretionary trusts.

By Leith van Onselen After confirming over the weekend that Labor would target trusts, shadow treasurer Chris Bowen has stated that Labor would still allow people to use trust structures if it wins the next federal election.

At The Australian: The federal government has launched a war on aggressive negative gearing strategies to depreciate the value of second-hand household items to save on tax, including air-conditioners, ovens, carpets and pool equipment.

By Leith van Onselen Labor leader, Bill Shorten, confirmed over the weekend that the party would target trusts, which it views as a tax shelter favouring the wealthy.

By Leith van Onselen At the same time as Labor is crowing about rising inequality, Prime Minister Malcolm Turnbull confirmed yesterday that the Coalition would push on with its pledge to cut the company tax rate to 25% for all companies.

By Leith van Onselen In the year leading-up to the Turnbull Government announcing its company tax cut, I frequently argued that it would have minimal impact on Australian business owners and shareholders because of Australia’s dividend imputation system.

By Leith van Onselen The Australian Labor Party’s national conference will be held in late July, and it is rumoured that the left faction is seeking the re-implementation of an inheritance tax.

It appears Treasury is the process of slaying another gormless Treasurer, via The Australian: Scott Morrison will today launch a strident defence of the government’s fiscal strategy, warning that an earlier than planned return­ to budget surplus risks dampening an economy that is gathering momentum for the first time in ­almost a decade.

Cross-posted from The Conversation: Vacant housing rates are rising in our major cities.

By Leith van Onselen In July last year, ABC’s The Business and Michael West featured an extraordinary raft of allegations from a 32-year veteran industry insider turned whistleblower, George Rozvany, who claimed that multinational tax avoidance was “out of control” and cost the Budget up to $50 billion dollars a year in lost revenue.

By Leith van Onselen On Friday afternoon, The AFR posted a series of articles warning that the collapsing rates of home ownership among younger cohorts could ultimately cripple Australia’s retirement system.

By Leith van Onselen I noted a few weeks back how a wide disconnect has opened up between the pay rises being received by federal politicians and senior bureaucrats compared with the rest of the population.

By Leith van Onselen I have said it before and I will say it again: a university degree in Australia used to mean something, but no longer does.

By Leith van Onselen Environment Minister, Josh Frydenberg, has moved quickly to hose down reports the government is planning to introduce a new “carbon tax” on cars that will see the price of some popular vehicles soar by up to $5000.

By Leith van Onselen In 2012, tobacco giant Philip Morris launched legal action against Australia’s plain packaging cigarette laws, seeking financial compensation for lost sales and profits under an investor-state dispute settlement (ISDS) clause contained in an obscure investment agreement with Hong Kong.