CANBERRA - Australia is mulling a radical new overhaul to the corporate tax system, whereby many companies would see no income tax liability at all. While giving a presentation at a tax conference held at the University of Canberra on December 5th, Rob Heferen announced that the Treasurer of Australia had established a new working group to investigate and formulate plans for a potential overhaul to the corporate tax system. The group is looking into the feasibility of a new system under which corporate ... Read More

CANBERRA - The Australian government is seeing a reduction in collection of capital gains tax, as the European debt crisis maintains its grip on the global economies. On November 27th the Treasurer of Australia Wayne Swan released a statement describing the economic outlook of the country, with particular emphasis on the revenue forecasts for capital gains taxes. According to the Treasurer, the prices of Australian stocks are stagnating, or even falling, with the national share market having dropped 15 percent since ... Read More

SYDNEY - Australia has reported positive results for its budgetary outcome for the year, despite revenues still being marginally below target. The government of Australia remains set on achieving a budget surplus in the 2011 – 2012 fiscal year, despite seeing smaller than expected revenues in the 2010 – 2011 year and increasing financial instability around the world. Late last week the Australian government released its final budgetary outcomes for the 2010 – 2011 fiscal year. According to the report, the Australian government saw ... Read More

Australia needs to change its current tax treatment of alcohol, which now results in boxed wines being sold cheaper than bottled water. Calls have been raised to change the way that wine is taxed in Australia in order to cut down on the occurrence of excessive drinking, and significantly raise national tax revenues. The proposal was brought forward in a report published on September 5th by the Australian Alcohol Education and Rehabilitation Foundation. According to the authors of the report, the amount of taxes ... Read More

Australia needs a higher Goods and Service Tax rate, and the idea needs to be considered now, despite the government's unwillingness to do so. One of Australia’s leading tax experts, Professor Greg Smith, has called for the country to raise its Goods and Service Tax (GST) rate by 5 percent, from the current rate of 10 percent, despite the idea being adamantly opposed by the government. The recommendation was during a speech given at a Tax Institute forum in Sydney on August 31st. ... Read More