Jun 2, 2010
The Australian Government is reminding tax payers of its current offshore income declaration initiative, which offers greatly reduced penalties in exchange for voluntary sharing of information. On June 1st the Government of Australia issued a media release urging tax payers with undeclared offshore incomes to utilize the current Voluntary Disclosure Initiative. Michael D’Ascenzo, Tax Commissioner [...]
The Australian Government is reminding tax payers of its current offshore income declaration initiative, which offers greatly reduced penalties in exchange for voluntary sharing of information.
On June 1st the Government of Australia issued a media release urging tax payers with undeclared offshore incomes to utilize the current Voluntary Disclosure Initiative. Michael D’Ascenzo, Tax Commissioner of Australia, stated that the program will end on June 30th and concessional penalty arrangements will no longer be offered upon the initiative's completion. No indication was given ... Read More
May 12, 2010
The Australian Government has released its national budget for the 2010-2011 financial year. The tax system changes and spending cuts detailed within the new budget are expected to return the Government spending to a surplus within two years. On May 11th the Australian Government publicized the 2010-2011 Commonwealth Budget, which “further strengthens the economy and [...]
The Australian Government has released its national budget for the 2010-2011 financial year. The tax system changes and spending cuts detailed within the new budget are expected to return the Government spending to a surplus within two years.
On May 11th the Australian Government publicized the 2010-2011 Commonwealth Budget, which “further strengthens the economy and secures future growth.” According to a statement released alongside the Budget, strict adherence to the planned stipulations will result in net Government debts peaking at 6.1 percent of ... Read More
May 3, 2010
The long-awaited review of Australia’s tax system has been released, marking the initial steps in the Government’s promised overhaul of the nation’s tax system. According to Government statements, the tax reforms recommended in the review are refined to work in unison with the recovering international economy, while making the national tax system simpler, fairer and [...]
The long-awaited review of Australia’s tax system has been released, marking the initial steps in the Government’s promised overhaul of the nation’s tax system. According to Government statements, the tax reforms recommended in the review are refined to work in unison with the recovering international economy, while making the national tax system simpler, fairer and more beneficial to Australia.
On May 2nd the Australian Government released its Australia’s Future Tax System report, which has come to be commonly called the "Henry Review". The ... Read More
Apr 28, 2010
According to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year. On April 27th the ABS [...]
According to the latest report by the Australian Bureau of Statistics (ABS), the country’s tax revenues fell during the last financial year. The total tax take, across all Government levels, fell to 26.9 percent of the GDP, compared to a level of 29.5 percent of GDP in 2007-08 fiscal year.
On April 27th the ABS published the latest issue of Taxation Revenue, Australia, 2008-09, containing statistics of revenues collected by tax authorities on a Commonwealth, state and local level. The publication reveals that ... Read More
