Wealthy residents in some of Australia’s ritziest suburbs saw their already bloated incomes surge by a staggering $90,000 in just a single year, new data reveals. As the country began its recovery from the Covid pandemic, figures released yesterday show the most well-heeled enjoyed a very lucrative return to businessContinue Reading
Labor has rebuffed calls to reverse its hard ban on the recreational use of vapes after industry figures projected a million-dollar tax windfall if Australia pivoted towards regulation. Parliament is expected to vote on laws to crack down on vaping in June, but the government’s third tranche of anti-vaping legislationContinue Reading
The biggest loser from the Albanese government’s revised tax plan may end up being the federal budget, especially if future Coalition governments reintroduce cuts for higher earners. New analysis from the Grattan Institute shows the tax plan the Albanese government will introduce to parliament this week will cost the budgetContinue Reading
When the stage three tax cuts were originally designed back in 2018 by Scott Morrison’s government, a major motivation was cracking down on tax-avoiding tradies. That’s the view of finance expert and leading commentator Alan Kohler, who offered a fascinating insight into how millions of Aussies get around high taxContinue Reading
Australians who will miss out on generous tax cuts aren’t mostly wealthy company bosses or bankers, but ordinary hardworking tradies and small business owners, one economic commentator argues. Prime Minister Anthony Albanese today confirmed the government will water down Stage 3 tax cuts, taking money from those on higher incomesContinue Reading
Chances are you’re about to get a fairly decent tax cut from the middle of the year, putting cash back in your pocket – that is, unless a concerted campaign by economists to claw it back succeeds. A long list of experts claim the third stage of major income taxContinue Reading
Drivers planning to purchase popular family car models including the Toyota Kluger and the Mazda CX-60 could be forced to fork out thousands more in taxes under changes announced to encourage motorists to take up more fuel efficient vehicles. While most cars are not currently subject to the Luxury CarContinue Reading
A push to legalise recreational cannabis use in Australia has been opposed by the country’s peak medical body, which argues it will send the wrong message about potential social and health-related harms. In its submission to the Greens’ Legalising Cannabis Bill, the Australian Medical Association (AMA) said legalising recreational useContinue Reading
Nearly one third of the largest companies in Australia paid no income tax in 2021-22, according to the Australian Taxation Office (ATO). It’s not unusual for large companies to pay no income tax in a given year, since income tax is paid on profit, not revenue, and not every companyContinue Reading
Mining giants BHP and Rio Tinto paid a quarter of all corporate income tax in Australia for the 2021-22 financial year, but more than 800 large companies paid no tax at all, new data has revealed. The Australian Taxation Office’s ninth corporate tax transparency report covered 2713 corporate entities. TheyContinue Reading