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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.
On the last day of the economic reform roundtable, policymakers have clashed and attendees shared ideas on how to secure Australia’s fiscal future, as structural deficits loom.
The ATO has released final guidance on how it will evaluate restructures carried out in response to its new thin capitalisation and debt deduction creation rules.
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.
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 recent Uber decision has highlighted vulnerabilities in the medical sector, which could leave many more general practices subject to payroll tax.
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.
