The biggest contributor to the $7.5 billion rebound in company tax collections from 2015-16 was the mining, energy and water sector, which contributed more than 75 percent of the additional tax.
The Australian Taxation Office is now well into its program of compliance reviews of the country’s top 1,100 companies checking they have the right systems in place to ensure they are paying appropriate levels of tax.
The OECD’s recent Tax Policy Reforms 2018 – which covers latest tax trends among 35 countries – shows that several member countries have lowered taxes on businesses and individuals as part of their 2018 tax reforms.
A parliamentary committee has recommended that the Commonwealth Government should undertake a review before 2022 for the purpose of identifying how Australia’s tax system can be simplified.
The ATO estimates that for 2014-15 the net individual income tax gap attributable to salary / wage earners and investors was $8.76 billion, or 6.4 percent.
The recent budget decision to invest $41 million in an Australian Space Agency, commencing 2018-19, is a modest first step for Australia, the last OECD country to establish a Space Agency for commercial purposes.
So you want to be a philanthropist. The very word often conjures up a vision of multi-million dollar bank accounts, high net worth individuals and mega corporations.
Contrary to some expectations, this week the Tax Laws Amendment (Personal Income Tax Plan) Act 2018 was passed by the Senate, and received Royal Assent.
Each Federal Budget has a narrative and a seduction. Sometimes the narrative resonates. For some budgets, there is a mismatch, rightly or wrongly.
This was a budget of few surprises. The main revenue raisers are through the black economy measures – which we welcome.