Category Taxation in Australia

Australia Sets Up Crypto-Tax Task Force

January 11, 2018 Taxation in Australia

LitecoinCANBERRA – Dodging taxes using cryptocurrencies will soon be harder in Australia.

The government of Australia has announced the formation of a new task force aimed at ensuring that taxpayers who make profits from cryptocurrencies are not able to hide their incomes.

The new task force will be comprised of a group of expert in banking, tax law, and technology, and they are scheduled to meet for the first time in February to begin work on their task.

The main goal of the group will be to create strategies and mechanisms which will allow the government to track the flow of cryptocurrencies, and to accurately detect whether Australian taxpayers are paying taxes on profits made from cryptocurrency.

Currently, cryptocurrencies in Australia are considered to be an asset, and any profit made fro...

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Reduce Car Taxes, Reduce Road Crashes

December 21, 2017 Taxation in Australia

car taxCANBERRA – If Australia dropped its car import tax, the national road toll would drop.

New research released by the Australian Automobile Association (AAA) has indicated that dropping taxes on car imports in the country will lead to a reduced road roll and will save healthcare expenditure.

Australia currently has an unusually old car fleet for a developed country, and the state and technology of the cars result in a disproportionately high road toll.

The average age of a passenger vehicle in the country is 9.8 years, while light commercial vehicles are an even older 10.4 years.

If the age of the fleet was reduced by even 1 year, road crashes would be reduced by 5.4 percent, and lead savings of 3.3 billion in healthcare costs over the coming 20 years.

The reduction in the age of the car ...

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Luxury Car Tax Bites Australians

December 19, 2017 Taxation in Australia

Luxury Car TaxCANBERRA – Australia’s appetite for luxury cars is proving to be a financial windfall for the government.

Information contained in the Mid-Year Economic and Fiscal Outlook released by the government of Australia has shown that the amount of tax revenue collected from the sale of luxury automobiles is rising beyond expectation.

All cars sold by a registered dealer in Australia are liable for a Luxury Car Tax if their sale price is above AUD64 132, or AUD 75 526 in the case of cars with a fuel efficiency exceeding 7L/100km.

The tax is levied at a rate of 33 percent on the portion of the price which exceeds the applicable threshold.

In the current financial year the tax is expected to lead to revenues of approximately AUD 680 million, a level which is nearly AUD 30 million higher than was ...

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Tax Data Explains Gender Pay Gap

November 17, 2017 Taxation in Australia

pay gap australiaCANBERRA – The pay gap in Australia has been explained using tax data from Australia.

New research published in the book Tax, Social Policy and Gender: Rethinking Equality and Efficiency has used Australian tax data to quantify the income inequality between men and women.

The results of the research showed that women have more interrupted work pattern than men, primarily due to facing a higher burden of childcare than men.

Due to the interrupted work patterns, the positive effects of higher education for women, have a reduced impact on incomes compared to the impacts enjoyed by men.

Due to the reduced impact of education and the significant interruptions to working time, the net incomes of women during their working lives is lower than for men.

Further, as the Australian superannuation sy...

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Taxes Could Curb Obesity in Australia

May 22, 2017 Taxation in Australia

obesity in AustraliaBRISBANE – Doctors in Australia are calling on the government to introduce new measures aimed at curbing the spread of obesity.

At a conference held in Brisbane recently, a leading endocrinologist Prof John Prins called for greater tax measures to discourage the spread of obesity in Australia.

The doctor said that the currently proposed tax measures such as fat taxes and sugar taxes are overly simplistic and do not cover the extent and intricacies of the issue of obesity.

He suggested that along with the already proposed tax measures, the government could also investigate the feasibility of reducing GST on healthy foods, such as fruits and vegetables.

Further, he called for extra disincentive measures to be applied, such as increased health and life insurance premiums, raised prices for...

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