The Albanese government needs a circuit breaker, but it can’t change course from its broken economic model because to do so would be an admission of past sins.
The Reserve Bank has revised its forecasts for economic growth, inflation and unemployment in its latest statement on monetary policy.
If the RBA increases interest rates for a fifth time this year on Tuesday, the financial squeeze will further reduce house prices which are falling at the fastest pace on record.
The number of businesses failing to pay their taxes has surged 21 per cent as a tough economy squeezes cash flows and the ATO aggressively pursues overdue debts.
Business is calling on the government to ease restrictions on foreign investment after the OECD called out new procurement rules that favour local businesses.
Fees earned for outperformance by venture capital and other fund managers look and smell a lot like labour income that should be taxed at higher rates.
Foreign Investment Review Board chair Bruce Miller has recused himself from scrutinising the takeover because he is a director of the Japanese suitor.
Fund managers and tax advisers are lobbying for the increase to be reversed, as One Nation steps up its campaign against Labor’s capital gains and trust changes
Small businesses using trusts still face big stamp duty bills and may need to restructure to avoid a potential 60 per cent tax hit, advisers warn.
Assistant Treasurer Daniel Mulino admitted the Albanese government knew in July about the tax office’s plan and supported the move as fair for other taxpayers.
The Albanese government backed the move before bowing to fierce backlash from small business, which already faces trust tax and superannuation pressures.
Australians planning their estates may face an unexpected 30 per cent ‘death tax’ unless families alter existing succession plans as Treasury carve-outs criticised.
The government estimates its crackdown on trusts will impose compliance costs on businesses and families of up to $1.5 billion over the next decade.
Deputy chair Alex Robson also warned that the economic cost of raising taxes rose with each extra dollar of revenue generated.
It’s not as simple as the popular narrative that small businesses are the good guys and the Tax Office are the bad guys.
Jim Chalmers said weeks ago that people would not need to restructure trusts over his proposed new tax, but he is still seeking ways to dial down the heat.
The assistant shadow treasurer will try to stop banks denying otherwise creditworthy businesses requesting finance for coal, gas and forestry projects.
Developed in secret and rushed to the finish line, the biggest overhaul in a quarter-century was plagued by blind spots and backflips. This is how it happened.
The government is being warned of a potential surge of people paying the Tax Office by credit card, without incurring a fee and while earning reward points.
The Albanese government has “real concerns” about the Australian Taxation Office credit card proposals and wants more talks with disgruntled small business.
