Category Archives: Tax

Pocock urges CGT changes as Albanese laughs off AI meme campaign

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Independent senator warns budget reform could drive tech investment offshore, as PM thanks startups for ‘very flattering’ images

Anthony Albanese has laughed off an AI-generated meme campaign against capital gains tax changes from startup founders, thanking them for “very flattering” doctored photos of him working in their businesses.

But independent politicians representing some of Australia’s startup hotspots have raised alarm over the proposed increase to capital gains tax, warning the tax changes could see innovative companies and tech firms move overseas to chase higher rewards.

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Tech founders use AI-generated images to poke fun at Anthony Albanese in protest against tax changes

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‘He’s having a great time with his new 47% equity,’ one entrepreneur jokes, warning that some startups may leave Australia behind

Tech entrepreneurs have mocked the government’s capital gains tax changes by posting AI-generated photos of Anthony Albanese as their “new founder” and warning that increased taxes could push people away from working for new businesses or send startups overseas.

Startups and entrepreneurs may yet receive a carve-out in the federal government’s planned changes to the CGT discount, with the prime minister saying he wanted to support innovation and the treasurer, Jim Chalmers, revealing that consultation was continuing with the sector.

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Has Labor’s tax reform killed ‘rent-vesting’ for young Australians seeking a foothold in the housing market?

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Changes to capital gains tax and negative gearing will make the strategy of renting in a preferred area while buying a cheaper property elsewhere less attractive, experts say

Rent-vesting – a popular strategy used by young Australians to save for their first home – could be killed off by Labor’s tax changes on investment properties, experts warn.

Renters have used the strategy to keep living in their preferred area while buying a cheaper property elsewhere, hoping it will rise in price so they can sell and put the profits towards their first home.

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Federal budget 2026 winners and losers: rich families, overseas travellers and illegal tobacco – summary

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Taxpayers and first home buyers are the winners in Labor’s 2026 budget, while rich families could be among the losers. Find out who is better off and who is worse off in Chalmers’ budget

Being a winner or a loser from the federal budget can be the difference between hundreds of dollars – or tightening your belt even further.

Tuesday’s federal budget comes at a strange time. Donald Trump is waging a war on Iran that is impacting fuel supplies globally, including Australia. Inflation is still causing havoc on household budgets. Government programs are costing more than ever.

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News live: Bell says royal commission will look at ‘ugly displays of hostility’ towards Jewish Australians as hearings begin

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Meanwhile treasurer says next week’s budget will save more than it spends. Follow today’s news live

Jim Chalmers says next Tuesday’s budget will not extend the 26 cent fuel tax cut beyond June.

But with Australia “hostage” to the wild swings in global oil prices amid the ongoing US-Israel war on Iran, the treasurer said there was “a range of contingencies” prepared to help support households and the economy from any escalating damage as a result of the Middle East conflict.

The budget will be calibrated for the conditions, but it will also still be consistent with our ambitions.

The election began a year of delivery, and the budget will begin a year of more ambitious reform, reform which is made more not less, urgent by global inflation and global economic uncertainty.

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New UK farm inheritance tax rule will cause ‘significant challenges’, say accountants

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Levy on inherited farms and family businesses worth £2.5m or more comes into force 6 April

A new inheritance tax regime for UK farms and family businesses comes into force on Monday and will present “significant challenges” for those affected, according to accountants.

In October 2024 the government announced plans to levy inheritance tax on farms – prompting an outcry in many quarters.

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UK recruiter emerges from insolvency for third time, avoiding millions owed in tax

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Hampshire business seems to have benefited from ‘phoenixism’, which costs the taxpayer about £800m a year

A UK recruitment business has been acquired out of administration for a third time in four years as part of a succession of deals that left some of the former management team in place and millions of pounds owed to the public purse.

The chain of insolvencies appears to contain more examples of phoenixism – a process when companies are liquidated and directors are able to rise from the ashes with a new entity, free of debts.

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With Australian private health insurance premiums set to jump by 4.41%, will policies deliver more or just cost more?

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The biggest premium hike in 10 years prompts questions, as government incentives continue to drive people to take out cover merely to avoid tax penalties

The government has approved a 4.41% private health insurance premium rise from April – the largest hike in almost 10 years.

With consumers already grappling with cost-of-living pressures, including an interest rate rise earlier in February, more Australians are likely to be wondering whether keeping their private health insurance is worth it.

Melissa Davey is Guardian Australia’s medical editor

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People deriving income solely from state pension won’t be taxed, says chancellor

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Clarification creates prospect of two-tier system for retirees solely on new state pension and those on private schemes

People who rely only on their state pension for their income will not have to pay tax on it, the chancellor, Rachel Reeves, has said, creating the prospect of a two-tier system for those in retirement.

The new state pension is poised to rise to £241.30 a week next April, putting the annual income for someone receiving the standard payment at £12,547 – just below the personal tax allowance of £12,570 a year.

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How Rachel Reeves’s budget was leaked 40 minutes early

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By the time the chancellor reached the dispatch box, the OBR had accidentally published its verdict in full online

Shortly before midday on Wednesday, a series of headlines about Rachel Reeves’s budget began appearing on the Reuters newswire, sending instant ripples though financial markets.

The details were jaw-dropping: they appeared to spell out the key policies of the chancellor’s budget more than 40 minutes before she was due to deliver them to a crowded Commons chamber.

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How Rachel Reeves’s budget was leaked 40 minutes early

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By the time the chancellor reached the dispatch box, the OBR had accidentally published its verdict in full online

Shortly before midday on Wednesday, a series of headlines about Rachel Reeves’s budget began appearing on the Reuters newswire, sending instant ripples though financial markets.

The details were jaw-dropping: they appeared to spell out the key policies of the chancellor’s budget more than 40 minutes before she was due to deliver them to a crowded Commons chamber.

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Treasury won’t cut threshold for higher rate income tax, say sources – UK politics live

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Fallout continues over budget income tax U-turn, with Treasury saying expected fiscal gap has dropped to £20bn

This is from Helen Miller, director of the Institute for Fiscal Studies thinktank, on the market reaction to the chancellor’s reported budget U-turn.

Investors will have 2 broad concerns about news that Chancellor won’t increase income tax rates

1. Does it signal less willingness to do politically difficult things

Britain’s long-term borrowing costs were sent soaring as reports suggested the latest U-turn would leave Rachel Reeves scrambling to fill a gaping black hole in the nation’s finances just two weeks before the 26 November budget.

Yields on 30-year UK government bonds, also known as gilts, jumped as much as 14 basis points in early trading, and the yield on 10-year gilts also shot up 12 basis points – rising the most since July.

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Superannuation tax changes: new rules have been proposed for your super – here’s what you need to know

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Major changes announced by Jim Chalmers include indexing superannuation balances to inflation and addition of a new threshold taxing balances between $3m and $10m

The Albanese government has dramatically rewritten its major tax policy, caving in to criticism on its controversial superannuation tax plan by raising thresholds and slashing the amount of money it will rake in.

After a long period of sustained attack from politicians and lobby groups, the government has conceded defeat on all major criticisms, with the treasurer, Jim Chalmers, saying the policy rewrites would “better target superannuation concessions”.

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Widow of man conned out of pension savings to lose half the compensation to tax

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Robert Dewar’s widow, Susan, is a leading campaigner over multimillion-pound Norton Motorcycles fraud

The family of a deceased man, who was conned out of his retirement savings after investing in the Norton Motorcycles pension scam, is to lose almost half the subsequent compensation award because of a little-known tax rule.

A long-running battle to win an award from the Fraud Compensation Fund (FCF) meant that Robert Dewar’s pension was not reimbursed until 2024, five years after his death at the age of 64.

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Tory plan to abolish stamp duty ‘will benefit London and the wealthiest the most’ – as it happened

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This blog is now closed, you can read more on this story here

Voting in the Labour deputy leadership election opens today. Lucy Powell, the former Commons leader, is seen as the favourite and, as Jessica Elgot reports, Powell told supporters yesterday that, if she is elected, she will use the post to argue for changes in the way the government is operating. “We can’t sugarcoat the fact that things aren’t going well,” she said.

Powell is no longer a government minister and, if she is elected deputy leader, she will do the job from the backbenches. In an interview on Newsnight last night, Bridget Phillipson, the education secretary standing against Powell, said a Powell victory would be “destabilising” for the party. She said:

[Electing Powell] risks destabilising the party … we best achieve what we need to do together when we have those fierce conversations, including disagreements, behind closed doors.

Members need to understand that there’s a potential challenge around all of that – that if you’re not inside when the big decisions are being made, you’re not at that table, you’re not in those conversations.

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Nigel Farage urged to clarify whether he saved tax on Essex constituency home

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Labour and Lib Dems say Reform leader has questions to answer on who paid for £885,000 property owned by his partner

Labour and the Liberal Democrats have called for Nigel Farage to clarify whether he saved tax on a house in his constituency, after a BBC investigation questioned whether his partner did, as Farage has said, buy the home with her own money.

The Guardian first reported in May that the house in Clacton, which Farage initially said he had bought himself, is in fact wholly owned by Laure Ferrari, his long-term partner.

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Treasury targeting inheritance tax reforms to help plug UK deficit

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Exclusive: Chancellor also looking at tweaks to capital gains tax to try to bridge £40bn-plus spending gap before budget

The Treasury is looking at ways to raise more money from inheritance tax amid growing pressure on the country’s finances ahead of the autumn budget, sources have told the Guardian.

Officials have been tasked with examining whether tightening rules on the gifting of money and assets could be one way of addressing a gap between revenue and spending that is estimated to reach more than £40bn.

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Adani promised Australia billions from its Carmichael mine but it hasn’t paid a cent in tax. How did we get here?

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The coalmine generated millions in revenue in its early days but recorded an operating loss – a pattern that would repeat at scale

It was entirely foreseeable, and has resulted in billions of dollars in forgone revenue for Australia.

But just how did policymakers fail to extract a single cent in company tax from Adani’s Carmichael coalmine, even though it opened during the start of a commodity price boom?

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Frasers Group sales fall amid ‘challenging’ luxury market and retreat from gaming

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Pre-tax profits fall 24% despite rise in Sports Direct sales, driven by closures of House of Fraser and Game stores

A “challenging” luxury market and retreat from gaming have prompted a fall in sales and profits at Mike Ashley’s Frasers.

The group, which is majority owned by the billionaire former Newcastle United owner, said sales fell by 7.4% to £4.7bn and pre-tax profits slid by 24% to £379.5m as it closed some of its House of Fraser department stores and Game video game shops.

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Keir Starmer should be bold and consider a wealth tax, Neil Kinnock says

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Former Labour leader says government needs a better narrative and risks being bogged down by ‘imposed limitations’

Keir Starmer’s government is suffering from a “lack of narrative” about what it is trying to achieve and should be more fiscally bold and consider a tax on wealth, Neil Kinnock has said.

The former Labour leader said too many of the government’s achievements were being overshadowed. A year after a landslide election win, the party is struggling in the polls and has U-turned on policies including cuts to winter fuel payments and welfare.

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