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Draft legislation to take effect from 1 July could let overseas leisure craft buyers off paying GST. The measure announced in the 2010-11 budget would allow boat buyers to sail new Australian-made recreational boats in our waters for up to 12 months without paying GST on the sale price. The Assistant Treasurer Bill Shorten has [...]
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As 2010 comes to a close, it’s time to reflect on the events of the year that affected Australian exporters. These five, in no particular order, have been chosen for the breadth of their impact although direct effects on exporters have varied. 1. Indian student attacks Two attacks on Indian students in Melbourne, seemingly racially [...]
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The architect of the mining ‘super’ tax, Dr Ken Henry, has attacked claims that Australia was kept from recession due to a resources boom. The Treasury secretary fronted a Senate hearing yesterday, saying “the suggestion that the mining industry kept Australia out of recession is curious to say the least” and said claims were not [...]
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The proposed tax on mining super profits is continuing to attract debate at every level, with Ross Garnaut, treasury secretary Ken Henry, small business minister Craig Emerson and opposition leader Tony Abbott all weighing in. Rudd has proposed the tax, originally suggested in the Henry Tax Review, as a measure to share some of the [...]
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Australia and Chile will look to develop a new tax treaty after signing an in-principle agreement to encourage trade and investment and to allow the exchange of taxpayer information. The treaty is the first of its kind signed between the countries. The Federal Government hopes the move will reduce tax evasion. “The proposed treaty establishes [...]
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Eighth in our series on the True Cost of Exporting is the cost of human resources, whether hiring someone for your export business in Australia or overseas. Exporters are among Australia’s best employers but there’s a lot of research and cost considerations that go into making it that way.
...read moreMinister for Trade Simon Crean and Assistant Treasurer Nick Sherry have announced they will sign a protocol with Belgium to allow a full exchange of information of tax information between the two countries. “Australia acknowledges the significant step Belgium has taken in moving to adopt exchange of information provisions in its treaties that meet the [...]
...read moreIn his response to the Federal Budget, Opposition leader Malcolm Turnbull has vowed to block the means tests on private health insurance, instead offering to replace the $1.9 billion by lifting tobacco taxes. The private health insurance rebate scheme delivered in the Federal Budget involves means testing the private health insurance rebates for the wealthy. [...]
...read moreThe small business sector has received some tax relief in the Federal Budget, with the Government increasing the Small Business and General Business Tax Break (Investment Allowance) from 30 percent to 50 percent. The 50 percent deduction will be available on new capital worth $1,000 or more, such as vehicles, purchased between December 31, 2008, [...]
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The Australian Taxation Office (ATO) has estimated that there are as many as 800,000 taxpayers that are eligible for the $900 tax bonus but have yet to submit a tax return for last year. With stimulus payments flooding into accounts this month and last, the ATO have distributed 6.5 million tax bonus payments already, with [...]
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