The Queensland Commissioner of State Revenue has failed in its appeal to reverse the “charitable institution” status of a trust that funded Indigenous pre-schools in Cape York.
The economic reform roundtable culminated in three main priorities to guide tax reform: intergenerational equity, boosting business investment and simplifying the tax system.
An ANU study found that Australian retirees earn more private income and receive more government benefits than in prior decades, deepening intergenerational inequities.
A recent rental property tax deduction dispute has clarified that large expenditures can still be classified as ‘repairs‘ if there is adequate documentation to support one’s case.
A two per cent wealth tax, the reintroduction of inheritance tax and a rethink of the CGT discount will unlock an extra $70 billion for Australia, the progressive think tank has proposed.
Ahead of its 2025 Tax Summit, The Tax Institute has urged tax agents to carefully evaluate AI outputs, as they held the final responsibility for any mistakes made by the AI tools they used.
As the economic reform roundtable approaches, tax expert and author David Montani has said that holistic tax reform would be welcome but unlikely in the current political ‘gridlock.’
The proposed Division 296 tax is a “beachhead” to open the door to taxing other investments such as shares and property, a former Treasury assistant secretary has said.
Liberal senator Andrew Bragg has called an ACTU proposal to restrict negative gearing and the capital gains tax discount to one property “absolute garbage.”
BDO has called for holistic tax reform ahead of the government’s productivity roundtable, including the simplification of trust taxation laws and reforms to housing taxes.
Economists have called for stamp duty and insurance taxes to be scrapped entirely after their analysis found they imposed steep economic costs, even at low rates.
The Greens have backed the ACTU’s call to urgently address housing, wealth and fuel tax reforms as they push for unfair tax breaks that benefit property investors to be addressed.
