Category: Tax Policy
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I give up… Media and tax reform
To the Fairfax and ABC media screaming that corporates dont pay enough tax, here is a lesson that is pitched for those with limited desire to investigate – i.e. Journalists. Bill Pty Ltd runs a petrol station. He buys 2 million litres of fuel each year. He buys it at $1.50 and sells it at…
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Swings and tax roundabouts…
“Google should pay more tax in Australia. If their customers are in Australia, that is where they should pay tax…” So I was told today. My response… One of Australia’s biggest tax payer, Rio Tinto, sells 35% of its products to China but pays all its tax (almost all) in Australia. If you believe in…
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Common sense test… There is none at Fairfax…
In another weak attempt at understanding the tax system Fairfax are arguing we get rid of the tax system and replace it with a common sense test. They have tried every angle on why multinationals are naughty boys and failing at all of them, they are now arguing we should just use common sense at…
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Is there massive corporate tax avoidance?
Following the most stupid report ever written by the Tax Justice Network, the parliament has decided to review our corporate tax system. Having worked for some of these “evil” ASX listed companies, both internally and externally, I have never seen one of these companies bend the law without getting a ruling from the Commissioner first.…
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Queensland. Beautiful one day, tax insanity the next…
The Queensland government raises about $44 billion a year in taxes, fees… About 20% of this amount comes from the GST that is collected by the Federal Government and passed on to the states and territories. This makes the GST almost as large as all the other taxes combined that the Queensland government charges (all…
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Tax Impediments Facing Small Business…
The Board of Tax report on Tax Impediments Facing Small Business has been made public. This report, and the Government’s response make some interesting reading. What do you think about: “Based on an analysis of business population data, the Board recommends that the small business entity turnover threshold be increased to at least $3 million and investigate the feasibility…
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Start up Employee share scheme just got fun….
We have blogged about this before but we now have some draft legislation that will make 1 July 2015 lots of fun for advice to start up companies. While this draft legislation makes other changes as well**, this will also make remunerating certain employers lots of fun. These Start up companies will be able to…
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Letter to Senator Cormann, Acting Assistant Treasurer on Earnouts
I had one of those “what are they doing” moments and sent this letter to the Government. I feel better now that I have written it but it won’t do anything… Come on Treasury, prove me wrong… Senator, Many thanks for all your efforts, and those of your staff and your department, in managing the…
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Why wont people prepare their own return?
In the 2012 year there were 12.7 individual tax returns lodged with the ATO. 9.2 million of these were lodged by tax agents. Given that just over a quarter of all of these individual returns were nil tax payable, this means that tax agents lodged about 6.9 million “tax payable” tax returns. An uncomfortable aside…
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What are we waiting for in tax and super – Announced but unenacted changes…
Next year we will be looking at a Government White paper on reforming the tax system (what did I do in 2008 on the Henry Review?!?!?!). And this time we will review the tax system with failing public finances. But before we start, once again, coming up with the simple, equitable, efficient and adequate tax…
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