australian taxation

Rising reliance on personal income tax signals need for bolder reforms
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Personal income taxpayers are shouldering more of the burden, while less revenue is coming from taxes on companies, capital and consumption. Only major reforms will change these sustained trends. Phil Lewis, University of Canberra The Parliamentary Budget Office (PBO) has just released a report on trends in Commonwealth taxation receipts. While supporting the expectations of a budget in balance by 2019-20, it exposes…

Are you ready for the end of the financial year?
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The end of the financial year is upon us once again and it can be an especially busy time for investors. So, with 30 June just around the corner, here are a number of issues that retirees and property investors must understand beforehand. 1. Superannuation After the age of 60, many investors opt to reduce…

Bills, Bills, Bills
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Australians will receive a $10.8 billion boost to their savings after new research found two in five taxpayers plan to save their tax refund, not spend it, according to finder.com.au, Australia’s most visited comparison website.  The survey of 1,010 Australians revealed that 40% of taxpayers plan to save their return when the tax man comes…

Who uses negative gearing the most?
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Who really uses negative gearing to assist with their property investments? One of the arguments usually used is that negative gearing is a tax rort for greedy, rich property investors at the expense of the average “Aussie Battler.” GOVERNMENT ANALYSIS SHOWS THIS IS WRONG The Australian reports Government analysis shows that: 22.6 per cent of police…

Tax implications for expat property investors
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Despite living overseas, many Australian expatriates still regard property investment in their homeland as an attractive option. But what tax implications does this pose? The tax implications of property investment can differ between Australian expatriates and those residents living in Australia Whether an individual is a tax resident under Australian law is dependent on a…

Increasing GST to cut income tax would be a zero sum game
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The tax mix switch logic the government seems to be pursuing is unlikely to have the desired effect, writes… Flavio Menezes, The University of Queensland We seem to have gone from no discussion on changing the GST being allowed, to a situation where all we talk about is expanding or broadening it. As Prime Minister…

ATO Tax Scam
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Australian consumers are being warned that there is a very aggressive tax scam in operation.  Fake callers claiming to be from the Australian Tax Office (ATO) will call you at random at home. The purpose of the call is to force people to pay a fake debt over the phone. What are they saying? The…

Australia's Rich Pay More Than Their Fair Share of Tax
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Are you paying too much tax? In Australia the top 1% earn about 10% of income & pay about 18% of taxes according to the author of this blog: By: David Maywald , CFA In Australia the share of income going to the top 1% is about half the share of US income going to the…