FlagPost

Flagpost is a blog on current issues of interest to members of the Australian Parliament

Parliamentary Library Logo showing Information Analysis & Advice

Filter by

Date

Syndication

Tag cloud

Filter by taxation

Changes to the Foreign Investment Review Board tax conditions

In February 2014, Treasurer Joe Hockey stated that the tax affairs of foreign investors would be taken into account when foreign investment proposals were considered by the Foreign Investment Review Board (FIRB). In February 2016, the Government announced that conditions aimed at ensuring ‘multinational companies investing in Australia pay tax here on what they earn’ would be applied by the FIRB to foreign investment proposals. Following consultations between Treasury, the Australian Taxation Office (ATO) and industry, in May 2016 the Government revised the tax conditions that will apply to certain foreign investment proposals. The revised conditions addressed concerns raised by... Read more...

Offsetting business costs associated with the increase in fuel excise—Schedules 4 and 5 of the Tax and Superannuation Laws Amendment (2014 Measures No. 6) Bill 2014

Fuel excise increased on 10 November 2014 as a result of the Government’s tariff proposals (the Excise Tariff Proposal (No. 1) 2014 and Customs Tariff Proposal (No. 1) 2014) that were introduced in the House of Representatives on 30 October 2014. The tariff proposals increased the fuel excise by specific amounts (0.457 cents per litre for liquid fuels on top of the existing 38.143 cents per litre) and also provide for biannual indexation to the consumer price index for excise from 1 February 2015. The tariff proposals are consistent with the announcement in the 2014–15 Budget of the re-introduction of biannual indexation to fuel excise. To have permanent effect a... Read more...

Announcements end superannuation budget speculation?

Following recent media speculation about possible changes to superannuation in the upcoming 2013–14 Budget and concerns about the inequity of tax concessions for superannuation, on 5 April 2013 the Government announced a range of measures to superannuation tax, contribution and age pension arrangements. The Government’s overall intent in making these changes was to ‘improve the fairness, sustainability and efficiency of the superannuation system’. So what are the major changes proposed by the Government and how do they contribute to fairness?In general, arguments about ‘fairness’ in the superannuation system primarily stem from concerns that superannuation tax arrangements allow higher incom... Read more...

Fuel tax credits: are they a subsidy to fuel use?

Recently there has been debate over the nature of the rebate of the excise paid on fuels, paid under the fuel tax credits scheme. This FlagPost clarifies the purpose of the rebate.The excise on petrol and diesel is a tax on business inputs as well as on final use by households. Businesses using petrol and diesel as inputs into production processes pay excise of 38.143 cents per litre. Under the fuel tax credits scheme, eligible businesses can claim a rebate—in full or in part—of the excise that they have paid. In 2010-11, the value of these credits amounted to $5.1 billion. The main recipient industries were mining ($2.031 billion), transport, postal and warehousing ($988 million), and ag... Read more...

Carbon pricing mechanism—personal income tax reform

As part of its Clean Energy Future package, the Government has announced a series of personal income taxation reforms. This will involve increases to the marginal taxation rates in 2012-13 and 2015-16, as well as changes to the tax free threshold and low income tax offset. The Parliamentary Library has prepared a brief on the proposed changes, which is available on its climate change website. The brief presents the details of the proposed tax reform, compares it to the personal income tax reform proposed by the Australia's Future Tax System review, and presents the changes to the marginal income taxation rates and thresholds since 1983-84. Read more...

Carbon Pricing Mechanism—Which 500 companies pay the tax?

The Government has been clear that only Australia’s 500 biggest ‘carbon polluters’ will be directly affected by the proposed Carbon Pricing Mechanism (CPM). This is down from the 1000 that would have been liable under the previous Carbon Pollution Reduction Scheme, mainly due to the exclusion of fuels from the CPM. There has been some speculation as to which companies would be included in the Government’s list of 500, and which ones are Australia’s ‘top 50 carbon polluters’. The Parliamentary Library has published a short brief with some information on determining which corporations are likely to be included, and an explanation on why a definite list of 500 companies is not publicly availabl... Read more...

  • First
  • 1
  • Last
Top