The latest ABS data on Australian taxation revenues reinforces the need for comprehensive reform of our federal, state and local tax systems when it comes to property.
The Instant Tax Write Off has now been increased to $30,000 and extended to 30 June 2020.
A report released by the Housing Industry Association shows that the majority of Australian voters do not understand Labor’s proposed changes to capital gains tax and negative gearing. It also shows that the majority of people want a proper review before any changes take place.
“Changes to existing capital gains tax and negative gearing arrangements on residential investment properties proposed by the Federal Opposition will dampen first home buyer capacity to save for their first home,” stated HIA’s Managing Director, Graham Wolfe.
Both major parties need to re-commit to policy agendas for economic growth following the worse than expected performance by the Australian economy in the closing months of last year (2018),” said Denita Wawn, CEO of Master Builders Australia.
The Australian Taxation Office (ATO) has released updated benchmark data to help small businesses across the country compare their performance with their competitors and ‘swim between the flags’. Assistant Commissioner Peter Holt said that businesses should use the benchmarks to gauge the strength of their business and keep an eye on their competition.
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.