Category Archives: Tax

Cost of negative gearing and other rental deductions soaring, Australian treasury data reveals

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The latest ranking of revenue foregone shows the usual suspects topping the list

Concessions for superannuation cost the federal budget almost $50bn a year while rental deductions, much of them for negative gearing, have jumped by more than half in three years, the annual treasury summary of tax expenditures shows.

The ranking of revenue foregone in 2023-24, released on Wednesday, was headed by many of the usual groups, finding for example that shielding taxpayers’ main residence from capital gains taxes, saved them a combined $47.5bn for the year, up about a third from 2018-19.

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Australia news live: murder charge laid after ‘long, sad journey’ for disappeared 23-year-old’s family

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Ms Bernard, a Kowanyama woman, was last seen at Archer River quarry on 10 February in 2013. Follow the day’s news live

Update on Queensland flooding

Senior BoM meteorologist Angus Hines spoke to ABC News Breakfast just earlier to provide an update on the rain and flooding in Queensland.

Last night the rainfall totals were between 50mm and 120mm which is still a very significant dose of rain, but bear in mind this time yesterday we were talking about 300mm leading to widespread flooding.

We could see these rivers with elevated levels for the next several days, as it will take a while for those flood waters to drain out, long past when the rainfall conditions have cleared up.

The goal for the AI taskforce is to be a trusted source of expert advice and assistance for the Law Society, and through it, for the solicitor profession across NSW. Its members will be drawn from the law, justice system, academia, and government.

The work of the taskforce will enhance the Law Society’s work to ensure that NSW leads the way in harnessing the best that AI has to offer for the legal profession while mitigating the risks.

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Mayor issues flood warning – as it happened

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We’ve just spoken to St Vincent’s hospital and confirmed that the woman bitten by a shark in Sydney Harbour last night remains in hospital in a stable condition.

The woman, in her late 20s, was bitten on the right leg by a suspected bull shark in Elizabeth Bay last night.

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Guardian Essential poll: one in two voters back stage-three tax cuts changes

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Labor’s bid to skew package towards low- and middle-income earners given boost, as only 22% say it should go ahead unchanged

Almost half of voters support revising the stage-three tax cuts to help low- and middle-income earners while only about one in five believe the plan should go ahead unchanged in July.

That is the result of the Guardian Essential poll of 1,201 voters, which provides a boost for the Albanese government’s plan to reform the tax package, finding only 22% of respondents agreed the previously legislated cuts should be left untouched.

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Australia news live: NSW police say neo-Nazis rallying in Sydney ‘may well be recruiting’; PM plays down being booed at tennis

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Paterson calls for ‘swift and decisive action’ against neo-Nazi groups

Over the weekend, NSW premier Chris Minns doubled down on his push to tighten anti-vilification laws after a group of neo-Nazis attempted to hold another rally in a public park.

I’d like to see swift and decisive action taken against these neo-Nazi groups who have no place in Australia.

I never thought we would see [something like this] in such a demonstrable way in a pluralistic country like Australia.

It’s the reason why the federal parliament, before Christmas, went to the extraordinary step of passing laws to ban Nazi symbols being publicly displayed, to ban the Nazi salute. And it’s critically important that those laws are rigorously enforced so that people understand there are consequences for this action.

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Working-class communities in Coalition-held seats the biggest winners in Labor’s stage-three tax cuts overhaul

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Nearly 90% of areas in Australia better off under new plan, with taxpayers in remote and regional communities to gain the most, ANU analysis shows

Working-class communities in Coalition-held remote and regional electorates stand to gain the most from Labor’s proposed changes to income tax cuts, while voters in the byelection seat of Dunkley are also big winners.

The average taxpayer in Whitsunday, in the electorate of Dawson, East Pilbara in Durack, and Cairns in Leichhardt stands to gain over $600 more from Labor’s package than the Morrison government’s stage-three tax cuts, according to an analysis by the Australian National University associate professor Ben Phillips.

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Chancellor considers further national insurance cut to take heat off Rishi Sunak

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Jeremy Hunt targets further reduction in ‘jobs tax’ in March budget

The government is considering handing workers another tax cut with a further reduction in national insurance, amid desperate attempts to move on from a campaign to destabilise Rishi Sunak by the Tory right.

With frustration within the cabinet that the Conservative party has been unable to free itself from internal warring over Sunak’s immigration plans and leadership, the prime minister and his chancellor, Jeremy Hunt, are focusing on the tax cuts that will frame their election pitch.

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Pocock wants to boost Centrelink payments using savings from stage-three tax cuts overhaul

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Key senator calls for broader tax reform, while arguing changes to stage-three plan could fund increases to jobseeker and other payments

The independent senator David Pocock has called on the Albanese government to use $28bn of savings from its new tax-cuts package to increase welfare payments and urged Labor to trim other tax concessions.

With the Greens signalling that they will press Labor to recoup even more from high-income earners, Pocock has suggested the revamp of stage three should be a springboard to other tax reforms in the too-hard basket including capital gains tax.

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Peter Dutton refuses to commit to stage-three tax cut changes as Labor begins negotiations with Greens and crossbench

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Anthony Albanese rejects calls for a fresh election by the opposition leader who continues to accuse the PM of breaking a promise

Peter Dutton has refused to commit the opposition to an official position on Labor’s amended stage-three tax cuts, as the government begins negotiations with the Greens and key independents.

Anthony Albanese said on Friday he would soon begin discussions with crossbenchers to get the updated tax cuts through parliament, as the Greens say they will push for further support for low-income earners.

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Thousands rally in solidarity on Invasion Day in Melbourne, Sydney; AFL clubs call for 26 January date change – as it happened

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Australian and Aboriginal flags raised during Canberra ceremony

Following the welcome to country, the flag-raising ceremony has begun, with six flags raised including two Australian flags, two Aboriginal flags and two Torres Strait Islander flags.

Australia is home to the oldest continuous culture on Earth, 65,000 years of uninterrupted heritage, demonstrated by the unique archeological evidence found in the very ground that you may are sitting on, found in the rocks and stones of this very place. That makes this continent unique in the whole world.

Ngunnawal’s view of heritage transcends time, it is our way of being with nature, best expressed in the Ngunnawal language through the concepts of respect and deep honour, coming together in the wellbeing for all.

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‘It’s a no-brainer’: what voters in upcoming Dunkley byelection say about Labor’s stage-three tax cut changes

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Victorian electorate will be first test of support for overhaul that shifts more of the benefit to low- and middle-income earners amid cost-of-living pressures

Ilene Jones’s wishlist for a tax cut is simple – more money to spend on school fees, a laptop for her son and groceries.

“It’s just the basics. It’s not extravagant,” she says.

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Australia news live: Townsville residents advised to shelter in place ahead of Cyclone Kirrily reaching Queensland coast

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The latest advice from the Bureau of Meteorology is that Tropical Cyclone Kirrily will begin crossing the coast from 10pm tonight. Follow the day’s news live

As we flagged just earlier, wind gusts associated with Tropical Cyclone Kirrily have already begun around the Whitsundays, with gusts over 100km/h.

In a Facebook group for Whitsundays locals, a new resident has asked an innocent question:

Hey there I’m kind of new to town from Melbourne. Does anyone know how to tie my tree down so that it doesn’t blow away?

“I would use fairy lights.”

“If you hop around clockwise on your left leg 3 times and then do a Kangaroo hop to the right, the drop bears will take care of it by having the tree extend it’s roots deeper.”

“If you’re really from Melbourne you would know how to tie down a tree with the windy crap weather down there. Ride a kangaroo to bunnings [and] get some ratchets.”

“From the state of the supermarket shelves I’m guessing everyone is using toilet paper to tie their trees down.”

“Take the leaves off and store inside. The rest will be fine.”

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Sussan Ley retreats from comments suggesting Coalition would repeal Labor’s stage-three tax cut changes

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Deputy opposition leader denies promising to roll back Albanese government’s changes and says Labor ‘lied’ about the tax cuts

The deputy opposition leader, Sussan Ley, has walked back earlier comments suggesting the Coalition would repeal Labor’s revamped tax cuts that more than double tax relief for Australians on the average income.

On Thursday, Ley clarified that the opposition’s position is to “support the existing stage-three arrangements” but denied promising to roll them back in a bid to head off a Labor campaign that the Coalition will claw back low and middle-income tax relief.

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Albanese promises to double tax relief for average income Australians in stage-three overhaul

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Prime minister to use National Press Club address to defend new plan as the ‘right thing to do’

Anthony Albanese has pledged to more than double tax relief for Australians on the average income in a suite of low and middle income tax cuts paid for by trimming benefits to high income earners.

At the National Press Club on Thursday the prime minister will defend Labor’s plan by arguing it will still deliver “a tax cut for every taxpayer” and that modification of the stage-three tax cuts was “the right thing to do” in changed economic circumstances.

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Three dead after being pulled from water off Phillip Island – as it happened

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Morrison to take up separate position at Dyne Asset Management

As we brought you just earlier, Scott Morrison will be taking up a role with international advisory and consulting firm American Global Strategies after his resignation from politics late February.

Well, firstly, I think we should be quite thoughtful of which category we’re talking about for farmers. If you’re talking about fruits and vegetables, we are in material deflation and have been for about four months … That is because of demand and supply in Australia. It’s a domestic product, it’s subject to demand and supply. It is causing pain for many of those farmers. But hopefully that situation will change with regard to the new year.

… We buy directly [where we can] from farmers, and we try and smooth out the price that they get so that they can plan and manage their business effectively.

But when you look at the red meat index, it does look like it’s trending up based on what’s happening offshore. So these things do flow through …

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Stage-three tax cut changes will have minimal effect on inflation, economists predict

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Banks say tax tweaks approved by Anthony Albanese’s cabinet may slow pace of RBA interest rate cuts and further reforms are needed to fill budget shortfalls

The Albanese government’s changes to the stage-three tax cuts won’t reignite inflation, although they may slow the pace of Reserve Bank interest rate cuts and more reforms are needed to close future budget gaps, economists say.

Cabinet has approved a revision to the cuts, legislated in 2019, that extends tax relief to those earning less than $45,000 a year to be paid for by reducing the benefit to higher-income earners, with full details still be formally released.

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Jeremy Hunt claims Nigel Lawson’s mantle as he teases tax cuts

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Hunt draws comparisons with Thatcher’s tax-slashing chancellor as he claims UK is ready for economic boom

Jeremy Hunt has compared himself to former tax-cutting chancellor Nigel Lawson, as he joined Rishi Sunak in teasing further potential cuts in the spring budget.

Writing in the Mail on Sunday, the chancellor drew comparisons with the late Lawson, who was known for slashing personal taxation while serving in the Thatcher government.

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Labor says it’s looking for ways to ease cost-of-living pressures. Just don’t mention the stage-three tax cuts

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The cuts are already baked into the RBA’s forecasts and economists say there is little point looking at alternatives

Come 1 July, Australian taxpayers will have $20bn more to spend, a pulse of demand in the economy that will keep interest rates higher than they otherwise would be.

That is courtesy of the controversial stage-three tax cuts that are legislated and, it seems, unlikely to be delayed or modified by the federal government.

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Sunak says he wants to reduce workers’ taxes this year and may cut benefits

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PM sets up possibility of income tax coming down in March and says control of welfare is a priority

Rishi Sunak has said he wants to cut taxes for working people further this year, possibly cutting welfare payments to fund it.

The prime minister said on Sunday his priority before the budget in March would be further tax cuts, which he said would entail stricter controls on public spending and benefits.

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Rishi Sunak says his ‘working assumption’ is that general election will take place in second half of 2024 – UK politics live

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PM appears to rule out spring election after recent speculation it could be held in May

Starmer says being in opposition is frustrating, and he accuses the Tories of treating it as performance art.

He is now on the passage about his career in public service that was posted earlier. See 9.12am.

If you’ve been breaking your back to keep trading, steering your business through the pandemic, the cost-of-living crisis, the challenge of Brexit and the chaos of Westminster.

If you’ve been serving our country, whether in scrubs or the uniform of your regiment and what you want now is a politics that serves you, then make no mistake - this is your year.

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