Tag: tax

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

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

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February 17, 2026
Newspaper headlines: ‘High welfare, high tax’ and ‘Budget goes as billed’ | Reeves: working peopl…

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Newspaper headlines: 'High welfare, high tax' and 'Budget goes as billed'

"Chancellor wallops workers", declares the Sun, while the Times opts for "high welfare, high tax", as the front pages deliver their verdicts on the Budget. Contained in what the Daily Telegraph describes as a "red box of broken promises", the paper says Rachel Reeves delivered a £30bn package of tax increases "largely targeting the middle classes". The Daily Mail is damning, accusing her of "spiteful raids on strivers – to lavish billions on benefits street".

The Guardian quotes the chancellor's words at the despatch box: "I am asking everyone to make a contribution" in its headline. The Daily Mirror's assessment is that it was a Budget "with a Labour heart", praising the decision to end what it calls the "cruel" two-child benefit cap. The i Paper and the Financial Times are among the front pages to highlight one of the risks of Ms Reeves' plan, with both quoting analysis from the Institute for Fiscal Studies that she has opted for a "spend now, pay later" approach.

Reeves: working people will pay ‘a bit more’ through income tax threshold freeze; OBR chief ‘mortified’ by leak – business live

JP Morgan points to âThe UK governmentâs priority of economic growthâ as it announces plans for new Canary Wharf HQ

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

Itâs the morning after the budget, a time when the real story behind the fiscal event often emerges.

And today, the Resolution Foundation is warning that the job of repairing the UKâs public finance is âfar from completeâ, and that major tax rises and cuts to public services are coming down the line.

The think tank has issued its overnight analysis of Rachel Reevesâs budget, which shows that pre-election austerity and tax rises are both pencilled in.

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UK government unveils budget aimed at stabilising economy

Britain's Chancellor Rachel Reeves has handed down a high-stakes national budget overnight, which the government hopes will boost economic growth, reduce child poverty and ease cost-of-living pressures.

Ms Reeves is under pressure from within her own party and from the business sector after weeks of government leaks, policy backflips and internal disputes over welfare and income tax.

Analysts warn the budget may not be enough to restore confidence, with fears that sluggish growth and rising debt could undermine the government's plan.

People cross the Westminster Bridge in the rain, in London, Britain, August 29, 2025.(Reuters: Jack Taylor)

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November 27, 2025