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Tag: tax

  • Trust tax overhaul set to raise $40b as businesses warn of accounting turmoil | Labor’s trust t…

    Trust tax overhaul set to raise $40b as businesses warn of accounting turmoil | Labor’s trust t…

    Explore the latest developments concerning Trust tax overhaul.

    Trust tax overhaul set to raise $40b as businesses warn of accounting turmoil

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    Business groups are warning years of expensive turmoil will be unleashed by the federal government’s plans for a minimum tax on discretionary trusts as Treasurer Jim Chalmers warns that without reform, the nation’s tax revenue will be eaten away, leaving working Australians exposed to even higher taxes.

    Treasurer Jim Chalmers on Wednesday introduced into parliament the third key budget tax change, imposing a minimum 30 per cent tax on the net income that flows out of the estimated one million discretionary trusts every year.

    Labor’s trust tax costs spiral

    The Greens’ threat to block the government’s crackdown on trusts unless it removes the exemption for charities would deprive the not-for-profit sector of billions of dollars in donations, as accounting groups warn the costs of complying with the new regime will be far more than the $1.5 billion the government has estimated over the next decade.

    Treasurer Jim Chalmers, trapped between the demands of the business sector and the Greens, introduced the legislation to impose a minimum 30 per cent tax on discretionary trusts into parliament on Wednesday, with the aim of passing it by November.

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    Private school fees loophole a sticking point in Labor's trust tax plan Greens say

    Nick McKim has accused Labor of 'watering down' its trust taxation plans. (ABC News: Ebony ten Broeke/Matt Roberts)

    The Greens say a "loophole" for private school fees is a sticking point in Labor's proposed trust laws.

    Jim Chalmers will introduce legislation for the 30 per cent minimum tax on discretionary trusts on Wednesday, amid stiff business opposition.

    Labor requires the support of the Greens in the Senate to pass the tax hike, given that the Coalition is opposed.

    Parents who pay private school fees from their trust funds could escape Labor's proposed trust tax, in what the Greens say is a "loophole" that must be closed.

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  • Singles tax costs thousands of dollars a year | Pensioner’s rental struggle highlights $7,800 ‘ta…

    Singles tax costs thousands of dollars a year | Pensioner’s rental struggle highlights $7,800 ‘ta…

    Explore the latest developments concerning Singles tax costs.

    Singles tax costs thousands of dollars a year

    Louise Taylor faced affordability issues when looking for somewhere to call home. (ABC News: Lottie Twyford)

    Single-income households can struggle to meet housing costs, and older women are one group at risk of housing insecurity.

    The singles tax refers to extra costs people pay when they can't split expenses like couples can.

    Housing experts say Australia also has a lack of affordable, suitable dwellings for singles.

    By her 70s, Louise Taylor had hoped her house would be more than a roof over her head; somewhere she could happily call home.

    But after "knockback after knockback" trying to find a rental on the private market five years ago, she has been forced to accept her small duplex, north of Brisbane, is all she can afford.

    Pensioner's rental struggle highlights $7,800 'tax' hitting single Aussies during cost of living

    Housing costs in Australia are outpacing the rate of inflation. It was the biggest contributor to rising prices in the latest consumer price index data from the Australian Bureau of Statistics, rising by 5.7 per cent on the year.

    The category in the inflation basket does not include the cost of servicing a mortgage but does include items like rent, utility costs such as water and electricity, construction costs, council rates and repairs to properties. And for single people living alone, that is an increasingly difficult burden to shoulder alone.

    For 70-year-old renter Louise Taylor who takes an Age Pension payment from Centrelink, it's becoming harder and harder.

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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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  • ‘F***ed’: Portelli slams brakes on $2m tax bill | $750k ‘golden visa’: Aus landlords flee…

    ‘F***ed’: Portelli slams brakes on $2m tax bill | $750k ‘golden visa’: Aus landlords flee…

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    $750k ‘golden visa’: Aus landlords flee to tax-free offshore mansions

    A Middle East developer BNW Developments has seen Australian interest in tax-free property surge. Their projects include Orvessa Residences by Michel Adam in Dubai. Source: BNW

    Super-rich billionaires like Adrian Portelli aren’t the only ones racing to stash cash offshore after new federal laws – with everyday Aussie mums and dads fleeing to desert tax havens too.

    A multi-billion surge in Australian property profits since John Howard introduced the world’s most generous landlord tax benefits has created a new class of property richlisters, placing neighbourhood landlords on the same playing field as offshore billionaires.

    A full-blown exodus is underway headed for the Middle East, as internationally renowned global developers touch down in Australia this week to boost it along – with Australians already owning 5.7 per cent of the entire Dubai property market, the same as oil-rich neighbours like Saudi Arabia.

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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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

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

    Explore the latest developments concerning California billionaires tax.

    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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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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  • Housing tax shake-up tabled in parliament | Albanese banks on Greens to pass tax grab after elect…

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

    Explore the latest developments concerning Housing tax shake-up.

    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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    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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

    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.

    The dynamic landscape of current events often brings forth significant discussions. Monitoring these developments provides crucial insights.

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

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

    Explore the latest developments concerning AI Albo tax.

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

    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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    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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    For more detailed information, explore updates concerning Capital gains tax,.

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

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

    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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