Victoria’s payroll tax threshold is the second lowest of all Australian states and territories and puts Victorian businesses at a major competitive disadvantage, says the Victorian Automobile Chamber of Commerce (VACC).
The Australian Taxation Office says that it will be closely examining claims for work-related car expenses this tax time as part of a broader focus on work related expenses.
A concerted crackdown on the black economy could generate up to $5 billion per annum in additional Commonwealth revenue alone, a KPMG report revealed.
“The Federal Budget will give business and the community confidence for the future and is cause for optimism. The very significant tax contribution in 2018 from business has created room to move on tax relief, infrastructure and deficit reduction,” Mr Innes Willox, Chief Executive of the Australian Industry Group said.
“According to research released, an increase in Capital Gains Tax would result in a $1bn reduction in revenue to state Governments, increase the cost of renting and exacerbate the housing affordability challenge,” stated Tim Reardon, HIA’s Principal Economist.
The Government’s reform of taxation of stapled structures strikes a sensible balance between improving the integrity of the corporate tax system while still encouraging productive investment in Australia’s property industry.
The housing affordability problem in Australia has caused unnecessary constraints on home building which has prevented sufficient houses to be built to meet the demand of growing cities. Principle Economist for HIA Tim Reardon said.
The Australian Taxation Office (ATO) is reminding Australians to stop and think before giving their personal details or hard-earned money to scammers this tax time.
Could you claim $149,187 from your rural property? Advice from Bradley Beer – BMT Tax Depreciation.