Treasurer Jim Chalmers has received an ambitious tax reform to-do list, as experts call for clarity on unresolved plans from the Morrison government
has presented the Treasurer with a list of proposals to streamline the tax system and spur economic growth, including moves to help business owners dealing with ongoing pressures from the COVID-19 pandemic.Alex Ellinghausenand rules on licensing arrangements for a person’s fame or image.
Action on corporate residency rules, the superannuation guarantee regime, the patent box regime and COVID-19 and natural disaster payments are among top priorities.says current laws are inconsistent regarding the treatment of various federal and state government small business support payments and emergency measures announced at the height of the pandemic.
The Tax Institute also said ongoing pressure on tax professionals and advisers was hurting their ability to effectively administer significant proposed system changes in the short term.on payments from family trusts, in moves designed to limit “washing machine” cash distributions and tax-saving arrangements completed under the guise of ordinary family business.Another high priority identified in the brief is the new small business skills and training boost measure announced in the March budget.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Queensland state budget increases taxes on big business to fund new hospitals and mental health servicesQueensland treasurer Cameron Dick hands down 2022 state budget with $23.bn in health spending, a payroll tax levy and increased coal royalties
Read more »
NSW government urged to act on rental crisis and social housing ahead of state budgetDespite pleas from advocates to lift investment, government focused on ‘upgrading’ and ‘maintenance’ of current public housing
Read more »
Ghosts of the super profits tax past haunt Qld coal minersANALYSIS: Twelve years after a Queensland Labor politician tried to impose a 40 per cent levy on coal super profits at a federal level, state Labor has grabbed for the same huge number.
Read more »
Biden names first Native American as US treasurer, with signature on moneyMarilynn Malerba, lifetime chief of Mohegan Indian Tribe, will make history as treasury announces new office for tribal affairs
Read more »
Dual income tax should be on Chalmers’ radarOPINION: A big, bold policy would be a flat tax of 25 per cent on personal capital income that would be a simpler and more equitable than the current hotchpotch of tax breaks.
Read more »