Tag: tax

California billionaires tax qualifies for ballot, setting up costly fight | California billionair…

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Why California YIMBY Opposes the Billionaire Wealth Tax

California YIMBY is taking a formal position against the One-Time Wealth Tax (California Billionaire Tax Act or “CBTA”) headed for the November ballot. For an organization built around housing, that may look like a detour. It isn’t, and we want our members to understand exactly why.

TL;DR: While we believe taxes are good – they’re the price of living in a society, and we generally need more of them – poorly-designed taxes are bad, and can lead to both economic and political harm. The billionaire tax is poorly-designed:

Our more fulsome explanation follows below, and we invite all of our supporters to both read it closely, and share your thoughts. We don’t take any of these types of public policy issues lightly, and did not come to an “oppose” position on this tax without serious consideration and inquiry.

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June 18, 2026
Housing tax shake-up tabled in parliament | Albanese banks on Greens to pass tax grab after elect…

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Housing tax shake-up tabled in parliament

The federal government's bold housing tax shake-up has been tabled in parliament today, but its fate rests with the Greens.

Albanese banks on Greens to pass tax grab after election backflip

The Albanese government has plotted a pathway through the parliament for its controversial tax changes, relying on the Australian Greens to support the legislation.

Labor has plotted to pass its controversial tax legislation through the parliament with the support of the Greens after breaking major election promises on capital gains and negative gearing.

Sky News understands that Labor believes the Greens will support the package, despite the minor party describing the budget proposal as a “missed opportunity” .

NDIS Minister Jenny McAllister told Sky News Sunday Agenda that it was up to the Greens to decide whether they would support changes that help young people get into home ownership.

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May 31, 2026
Labor walks tightrope as tax overhaul alarms startups and investors | Money advice: I make $180k …

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Labor walks tightrope as tax overhaul alarms startups and investors

Anthony Albanese (left) says the government is consulting on how to ensure tax changes do not disproportionately hurt startups and venture capital. (ABC News: Matt Roberts)

Labor MPs say many Australians have responded positively to housing tax reforms, but there is concern that changes to capital gains tax and discretionary trusts will become a tough sell.

Uncertainty around the tax measures is fuelling opposition among some young investors and business owners, while the Coalition says Labor is trying to freeload off entrepreneurs.

The federal government is consulting on how it can prevent unintended consequences for startups and will offer transition support for small businesses as they restructure to avoid the new tax on discretionary trusts.

Money advice: I make $180k a year through my trust. How will the new tax affect me?

My wife and I are in our late 50s and operate a small business through our family trust. The profit is usually about $180,000 a year, and that’s distributed as $60,000 each to my wife, myself and our 19-year-old daughter, who is at university. How are we likely to be affected by the proposal to levy a flat tax of 30 per cent on family trusts?

You are likely to be hit hard. Under the present arrangements, you probably pay about $9000 tax a year each. That’s a total of $27,000 in tax if the money is distributed equally among the family. Under the proposed arrangements, the trust would cop a flat tax of 30 per cent, which would be $54,000, so your tax would effectively double.

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Small businesses fear budget changes will take profits

Start-up founders are concerned capital gains tax changes will take their profits and stifle future innovation.

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May 20, 2026
AI Albo tax meme promoter ditched nuance to go viral | Budget 2026: Labor in overdrive to rewrite…

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AI Albo tax meme promoter ditched nuance to go viral

Frank Greeff shared this fake photo with Prime Minster Anthony Albanese to his Instagram account last week. (Supplied: Frank Greeff)

One startup founder who helped spread viral memes about capital gains tax reforms says the campaign was aimed at attracting attention after the budget.

The prime minister jokingly thanked startups for using "flattering" pictures of him in AI posts, but said the claims were wrong.

The government will consult with the startup sector over the next two weeks before finalising how budget tax reforms will apply to new businesses.

Viral memes taking aim at the budget's proposed capital gains tax (CGT) reforms have flooded social media feeds, despite the claims made by businesses in the posts oversimplifying the debate.

Budget 2026: Labor in overdrive to rewrite CGT narrative amid ‘incorrect’ meme war

Prime Minister Anthony Albanese and a team of ministers spent the morning trying to rewrite the narrative over changes to the capital gains tax discount, after a social media campaign against the changes by startup founders went viral.

The campaign depicting Albanese as a 47 per cent owner in founders’ businesses has been bolstered by the Coalition, with shadow treasurer Tim Wilson using morning media appearances to accuse the government of showing “utter contempt for the Australian people”.

Speaking during a slew of radio appearances this morning, Albanese, cabinet secretary Andrew Charlton and Infrastructure Minister Catherine King claimed the social media campaign – featuring AI-generated depictions of Albanese – were tantamount to misinformation and failed to grasp the reality of the government’s tax changes.

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Australia news LIVE: Government will consider carveout in CGT legislation for start-up owners; Trump was ‘an hour away’ from striking Iran, warns of attack within days

Good afternoon, and welcome to our national news live blog for Wednesday, May 20. My name is Isabel McMillan, taking over from Emily Kaine to helm our coverage throughout the rest of the day.

NSW Premier Chris Minns has called for “urgent action” on income tax, saying some essential workers are having much of their pay rises eaten up by the tax office. The premier said those in the top marginal tax rate paying 47 per cent income tax – those earning more than $190,000 – were working Monday, Tuesday and part of Wednesday for themselves, then working the rest of the week to pay the government.

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May 20, 2026
Capital gains tax, negative gearing and trusts to form budget tax trio | View from The Hill: the …

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Capital gains tax, negative gearing and trusts to form budget tax trio

Changes to negative gearing, the capital gains tax and trusts are set to feature in next week's budget. (ABC News: Matt Roberts)

Next week's budget will feature changes to the capital gains tax, negative gearing and the taxation of trust funds.

Some of the details have been left undecided until the last minute.

All three featured in Labor's 2019 election platform, but the policy design will differ.

Negative gearing will be curbed, the capital gains tax (CGT) discount overhauled, and new tax rules imposed on trusts in next week's federal budget as the Albanese government braces for a fierce debate about housing, wealth and intergenerational fairness.

View from The Hill: the art of political spin – defending a broken promise as ‘building trust’

In his first term, Anthony Albanese was highly reluctant to break promises. He resisted for a long time recalibrating the Coalition’s tax cuts, because he had undertaken to deliver them intact.

This term, it seems to be a different story. In last year’s election campaign, Albanese promised there would be no change to negative gearing. Asked in one of the debates to confirm that “negative gearing is off the table”, the prime minister was unequivocal, “Yeah, it’s off the table […] the key is supply, and that measure will not boost supply”.

Nor did Albanese indicate he would reform the capital gains tax.

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CGT change to tax existing investments based on length of ownership

The Albanese government plans to transition existing investors to a new capital gains tax regime through a hybrid grandfathering system based on how long an asset is owned.

Existing investors in property, shares and other assets will not be fully exempt from the CGT changes, with their future gains after the May 12 budget subject to the planned inflation indexation model, under a proposal Treasury has prepared for Treasurer Jim Chalmers.

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May 5, 2026
Capital gains tax, negative gearing and trusts to form budget tax trio | View from The Hill: the …

Explore the latest developments concerning Capital gains tax,.

Capital gains tax, negative gearing and trusts to form budget tax trio

Changes to negative gearing, the capital gains tax and trusts are set to feature in next week's budget. (ABC News: Matt Roberts)

Next week's budget will feature changes to the capital gains tax, negative gearing and the taxation of trust funds.

Some of the details have been left undecided until the last minute.

All three featured in Labor's 2019 election platform, but the policy design will differ.

Negative gearing will be curbed, the capital gains tax (CGT) discount overhauled, and new tax rules imposed on trusts in next week's federal budget as the Albanese government braces for a fierce debate about housing, wealth and intergenerational fairness.

View from The Hill: the art of political spin – defending a broken promise as ‘building trust’

In his first term, Anthony Albanese was highly reluctant to break promises. He resisted for a long time recalibrating the Coalition’s tax cuts, because he had undertaken to deliver them intact.

This term, it seems to be a different story. In last year’s election campaign, Albanese promised there would be no change to negative gearing. Asked in one of the debates to confirm that “negative gearing is off the table”, the prime minister was unequivocal, “Yeah, it’s off the table […] the key is supply, and that measure will not boost supply”.

Nor did Albanese indicate he would reform the capital gains tax.

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Labor insiders coy on income tax cuts, as government casts broken promise as virtuous

Scrapping tax breaks on landlords and property investors may yet be softened by a surprise tax cut in next week’s budget, as Labor frames its broken promise on negative gearing as a virtuous one.

Treasurer Jim Chalmers gave no indication he was planning to cut income taxes when asked on Monday, instead saying “we’ve already got tax cuts coming”. He also cited a policy allowing a $1000 standard tax deduction.

“I’ve seen some speculation about tax cuts: I would just remind everyone that this is a government cutting taxes, cutting income taxes,” he said, referring to minor cuts sprung on the opposition before the last election that will come into effect in July.

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May 5, 2026
Push to tax gas companies ‘ripping up our oceans’ as Gorgon plan approved | Australia news live: …

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Push to tax gas companies 'ripping up our oceans' as Gorgon plan approved

Part of Chevron's Gorgon project on Barrow Island, off WA's coast. (Supplied: Chevron)

Natural gas taxes are back in the fray after the expansion of Australia's largest project received environmental approval ahead of Senate inquiry hearings this week which will probe how resources are taxed.

Australia's offshore petroleum regulator NOPSEMA has approved an environment plan for further development of US-based multinational Chevron's Gorgon project, off Western Australia's north-west coast.

Chevron is planning to install new wells and pipelines to maintain the Gorgon project's gas production rates of about 15.6 million tonnes of liquefied natural gas (LNG) a year.

Over 30 years this would equate to about 468 million tonnes of LNG.

Australia news live: Ben Roberts-Smith reports to police station on bail; Chalmers unveils plan for $1,000 instant tax deductions

Meanwhile treasurer warns of ‘big risks’ to inflation and growth as global oil price jumps again. Follow today’s news live

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Treasurer says capital gains changes and other tax reform still under consideration

Sticking with the budget, Chalmers said the government hasn’t made any decisions on capital gains tax reform.

The federal budget in three weeks’ time is widely expected to include changes to tax breaks for investors, in an effort to rebalance the tax system away from the wealthiest Australians and to take pressure off home prices.

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What Norway’s $3trn wealth fund can teach Australia about gas taxes

The Scandinavian country is held up as an example of what’s possible when oil and gas revenues are funnelled straight into a giant investment fund.

Norway’s petroleum tax underwrites one of the world’s most prosperous societies. iStock

London | As the Albanese government mulls an extra tax on Australian gas companies, advocates of resource wealth redistribution often point to Norway as the gold standard for making fossil fuel producers pay.

For decades the Scandinavian nation of just 5.5 million has tapped revenue from wealthy energy companies to fund expensive social spending initiatives and give Norwegians a lifestyle that is the envy of the world.

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April 20, 2026
Who is using the Capital Gains Tax discount the most, according to the ATO | ATO details three-st…

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Who is using the Capital Gains Tax discount the most, according to the ATO

We're about a week away from seeing final recommendations presented to the Senate over the long-standing Capital Gains Tax discount scheme. While we wait, we can now take a look at what Treasury and the ATO have to say about who is using it.

We’re about a week away from seeing final recommendations presented to the Senate over the long-standing Capital Gains Tax discount scheme. While we wait, we can now take a look at what Treasury and the ATO have to say about who is using it.

At a hearing in Melbourne, Treasury and the ATO appeared to give evidence. That evidence told a story of how the nation’s richest wheel and deal through trusts and other structures to use the capital gains tax discount the most.

ATO details three-step checklist before seeking lodgment deferral

As tax deadlines draw closer, the Australian Taxation Office (ATO) is warning accountants and their clients when it will — and will not — consider deferral requests.

The notice comes as the tax office balances its legislative requirement to collect what is owed, and its efforts to better inform Australians about the reasons their requests for leniency might be denied.

The ATO on Monday issued new advice to tax agents, saying any request to defer tax lodgment must meet three criteria.

The first thing to consider: if unforeseen and exceptional circumstances are affecting a taxpayer’s ability to lodge before the relevant due date.

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ATO flags essential questions for lodgment deferrals

The Tax Office has outlined important questions for tax agents to consider before applying for lodgment deferrals for their clients.

In a recent update, the ATO has highlighted some important questions to help tax agents determine whether requesting a lodgment deferral is the correct decision for their clients.

The ATO reminded tax agents that if they, their practice or their client experiences circumstances such as a serious illness, unexpected staff absence, a natural or other disaster, they may be eligible for a lodgment deferral.

"[However], you should not request lodgment deferrals if your clients simply haven't provided information with enough time for you to prepare and lodge by the due date," the ATO said.

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March 10, 2026
Labor to pass super tax changes with support of Greens | Major superannuation changes to become l…

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Labor to pass super tax changes with support of Greens

Jim Chalmers has thanked the Greens for engaging constructively. (ABC News: Ian Cutmore)

Labor will pass legislation to increase the tax on those with super balances of more than $3 million, ending a years-long stalemate.

The tax bill will pass the Senate this week without amendment, after Labor secured the support of the Greens.

The Greens say their support is a "down payment" of goodwill in the hope Labor will pursue more ambitious tax policies in the budget.

Labor will pass legislation to increase the tax on those with super balances of more than $3 million, ending a years-long stalemate.

The tax bill will pass the Senate this week without amendment, after Labor secured the support of the Greens.

Richest super balances to be taxed at higher rates after Greens agree to back Labor plan

Greens say support for superannuation tax changes is a ‘down payment’ on Labor pursuing genuine reform in 12 May federal budget

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Labor’s plan to raise the tax rate on the largest super balances will become law after the Greens agreed to wave it through the Senate, ending a three-year political fight over concessions for wealthier retirees.

The Greens’ treasury spokesperson, Nick McKim, said the decision to support the watered-down package was a green light for Labor to pursue “bold reform” in the upcoming federal budget, including scaling back the capital gains tax discount and negative gearing.

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March 10, 2026
Tax season is here. Here’s what you need to know for stress-free filing. | Penalties for not fili…

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Tax season is here. Here's what you need to know for stress-free filing.

NEW YORK — Tax season is underway and you have until April 15 to file your return with the IRS. If you want to avoid the stress of the looming deadline, start getting organized as soon as possible.

“Don’t wait until the last minute but also don’t rush,” said Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals,

Gathering all your documents, signing up for direct deposit and keeping copies of your tax returns are some of the best practices when it comes to preparing to fill out your taxes. This year, due to the Republican tax and spending bill that President Donald Trump signed over the summer, there are new deductions taxpayers should know about.

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February 17, 2026