Category Archives: Tax

Starmer says most farmers won’t be affected by inheritance tax change as Clarkson tells rally it’s a ‘hammer blow’ – UK politics live

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Jeremy Clarkson tells Westminster protest that government should admit plans weren’t ‘thought out and are a mistake’

In an interview with the BBC, Steve Reed, the environment secretary, defended imposing inheritance tax on some farms when Labour said in opposition that it was not planning to do that. Asked why the government changed its mind, he replied:

After we won the election, we discovered that the Conservatives have left a £22bn black hole in the public finances. And if we want to fix our National Health Service, rebuild all schools, provide the affordable housing that rural communities and across the country rely on, then we’ve had to ask those with the broader shoulders to pay a little bit more.

I’m sure we all feel betrayed because of the state that the Conservatives left the economy in. A £22bn pound black hole isn’t a small problem. It’s massive, and fixing that is necessary if we want to stabilise the economy and rebuild our public services.

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Australia politics live: Dutton calls Labor’s international student caps bill ‘a dog’s breakfast’; RBA fuels expectations for February interest rates cut

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First investment announced as part of National Reconstruction Fund

The science and industry minister, Ed Husic, was on ABC News Breakfast to discuss the government’s first investment via the National Reconstruction Fund – $40m to a Toowoomba mineral processing factory.

The difference in terms of what the [NRF] does is it provides loans, equity, and guarantees to firms that are [working across] seven priority areas to expand and grow their operations.

Given the sizes of the investments, it does take more time to be able to go through to shape up what the investment will look like, how big it’ll be, over what term, the rate of return – because the other important thing to stress to viewers is – this is not about handing out grants, and certainly not doing it on the basis of political colour-coded spreadsheets as we saw with the last government.

In fact, the social media users were less likely to have a negative attitude towards Jewish and Muslim people, irrespective of where they were on the political spectrum.

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Backflip on international student caps ‘baffling’, MP says – as it happened

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Three million Australians are at risk of homelessness, a 63% increase since 2016, a new report from Homelessness NSW and Impact Economics has revealed.

By looking at household data including income, support and rental stress, the report found in 2022 there were 3.04m Australians now at risk of homelessness, an increase on the 1.87m reported in 2016.

1 in every five days the frontline services could not assist a family with children because they were so stretched.

Individuals without children were turned away 1 in every 2 days.

Unaccompanied young people and children without accommodation were turned away on 1 in 9 days.

I think more broadly, the government under Anthony Albanese has got an excellent record of managing relationships around the world, making genuine progress, whether it’s with China, whether it’s with American friends or others.

I think when it comes to Peter Dutton, I think he has a kind of a reckless arrogance which doesn’t lend itself to foreign policy and maintaining and managing some of these complex relationships.

I think he would be a risk to our economy, and that’s because that reckless arrogance, which has been a defining feature of his time as a politician over a long period of time now … [it] doesn’t lend itself to managing these relationships, which are so important to us.

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Coles and Woolworths face class actions over claims misleading promotions deceived customers – as it happened

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Watt says issue of reconciliation not closed in Australia despite voice referendum

Wrapping up the interview, Murray Watt was also asked about the haka performed in New Zealand parliament yesterday over a controversial bill that proposes to radically alter the way New Zealand’s treaty between Māori and the crown is interpreted.

I think there are many Australians who care very deeply about the rights of our First Peoples. Of course, Australians had their say on the voice to parliament in the recent referendum but I don’t think that means the issue of reconciliation is closed in Australia. That is something that our government remains committed to working on with our First Peoples and I think a lot of Australians support that as well.

I probably won’t comment on what’s happening in New Zealand because it’s their own affairs, but it shows these issues still really matter to people.

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Police make arrest and seize water pistol after incident outside NSW parliament – as it happened

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Could Donald Trump really fire Kevin Rudd?

The former prime minister’s criticism of Donald Trump has drawn the ire of those in the president elect’s inner circle, and prompted renewed debate about whether the incoming administration could seek retribution.

I’d be very much opposed to that.

You’ve got the world’s richest man, and you’ve given him this position of incredible influence in the American government. I think jobs for mates is a very bad idea. I don’t think that politicians should be putting their friends, their dear friends into positions of great influence in this country.

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News live: Birmingham says Australia could learn lessons from ‘disrupter’ Trump in making government more efficient

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The treasurer, Jim Chalmers will today announce funding of $900m for states and territories through a new national productivity fund to boost competition and productivity across the economy.

Launching the plan in a speech to the Australian Business Economists in Sydney, Chalmers is hoping the plan will will incentivise states to achieve productivity gains through pro-competitive policies such as streamlining commercial planning and zoning, and removing barriers to the uptake of modern construction methods.

In March this year, on behalf of the Council on Federal Financial Relations, I asked the Productivity Commission to model the potential impacts of a revitalised NCP.

Its final report landed this month and the benefits on offer are substantial, if not staggering. The PC found a revitalised NCP could boost GDP by up to $45bn a year and reduce prices by 1.45 percentage points. That GDP boost represents about $5,000 per household, per year.

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Man charged with murder after woman’s body found in Penrith hotel – as it happened

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Meteorologists are forecasting that thunderstorms will develop over large swathes of the country every day this week, and likely into next.

Ben Domensino from Weatherzone has outlined the forecast as follows:

Early in the week, showers and thunderstorms will target central, eastern, southern and southeastern Australia on Monday and Tuesday. Severe thunderstorms are likely in parts of NSW and [Queensland] on both days and are also possible in other states.

Storms will become more focussed on a broad arc stretching across Australia’s eastern and northern states and down into the WA interior through the middle of the week. Sydney, Brisbane and Canberra will all be at risk of severe thunderstorm activity on Wednesday.

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UK disability charities say NICs rise will cause ‘life-changing’ cuts

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Groups providing vital services say impact of tax and minimum wage rises will lead to cutbacks

Charities have warned of “life-changing consequences” for a million vulnerable children and adults as a result of cuts to state-funded disability services driven by tax changes and wage rises announced in the budget.

The Voluntary Organisations Disability Group (VODG), which represents 100 charities in England, said Rachel Reeves’s decision to raise employers’ national insurance contributions (NICs) had been “ill thought through” and would put many local charity services at risk.

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Sydney homes flooded after water pipeline bursts – as it happened

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Racism, colonialism ‘driving Indigenous self-harm’

Australia’s dark colonial past and ongoing racism are driving self-harm in Indigenous communities, according to a respected Aboriginal psychologist.

That whole process has left communities suffering from intergenerational trauma, disadvantage and ongoing racism, as well as the exclusion from the benefits of society and a lack of acknowledgment and respect for their different cultural values.

We still want clinical approaches but we want to see culture at the centre of that.

In Australia, the crisis support service Lifeline is 13 11 14. In the UK and Ireland, Samaritans can be contacted on freephone 116 123, or email jo@samaritans.org or jo@samaritans.ie. In the US, you can call or text the National Suicide Prevention Lifeline on 988, chat on 988lifeline.org, or text HOME to 741741 to connect with a crisis counselor. Other international helplines can be found at befrienders.org

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Shrinkflation a ‘difficult decision’ for manufacturers, inquiry told – as it happened

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Former prime minister Malcolm Turnbull, who had some colourful moments in his relationship with Donald Trump in his first presidency, is up now being colourful on the ABC. He says the Australian prime minister “has to stand up for Australia and not follow the conventional approach, which is being urged on everyone, which is to suck up to Trump and be utterly deferential:

I had a very successful relationship with Trump because I stood up to him, stood my ground, incurred his wrath, won his respect, and then got very good outcomes for Australia.

He did sort of encourage a mob to try to overthrow the peaceful transfer of power in 2021, on January 6.

The deal that Morrison instigated and Albanese signed up to is a very, very asymmetrical deal. All of the risk was on Australia. We have no agency and no leverage over this, and that’s why I think the most likely outcome is we’ll end up with no submarines, and that will be entirely our own fault because we signed up to a dud deal.

We have been clear, in terms of the Liberal party leadership, that Peter Dutton and the Liberal party have no plans, no intentions, to see any changes to abortion laws, that we respect the states’ rights in that regard, and I am very clear in terms of my respect for women’s reproductive rights.

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ATO whistleblower Richard Boyle to face trial after high court refuses attempt to appeal

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Former tax office employee who spoke publicly about the agency’s pursuit of debts has pleaded not guilty to all charges

A South Australian court’s decision that federal whistleblower protections do not grant immunity for criminal acts committed while gathering evidence will stand, after the high court refused Richard Boyle’s attempt to appeal it.

The decision on Thursday will mean Boyle, a former Australian Taxation Office official, will soon face a criminal trial in Adelaide for 24 offences, including the alleged use of his mobile phone to take photographs of taxpayer information and to covertly record conversations with colleagues.

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Morrison and Abbott praise Trump – as it happened

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There was some seriously colourful language in Senate estimates yesterday, but in this case the media regulator found radio hosts’ words were a step too far. Sarah Martin reports on what the Greens senator Sarah Hanson-Young described as “revolting, sexist, racist, misogynistic, divisive stuff”:

A “dangerous anti-abortion bill” before the Senate should be withdrawn, if the opposition leader, Peter Dutton, wants credibility on women’s healthcare, the minister for women, Katy Gallagher, says.

It is typical of Peter Dutton to view this purely as a matter of winning or losing votes, rather than any genuine commitment to women’s healthcare.

If Peter Dutton wants any credibility on women’s healthcare, he must immediately ensure Senators [Matt] Canavan and [Alex] Antic withdraw their dangerous anti-abortion bill currently before the Senate.

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Australia politics live: Albanese tells caucus Labor will campaign on ‘risk’ of Dutton; Miles returns as Queensland Labor leader

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‘We need to extend the average time people stay in our defence force,’ says Matt Keough

The defence personnel minister, Matt Keough, has also been talking about that retention and renumeration package for defence.

We need to extend the average time people stay in our defence force.

That does mean it had a vulnerability. We’re looking at moving to more of a mesh-type arrangement of satellites, which provides greater resilience, with a more up-to-date technology, and we’ll be able to deliver the technology faster as well.

We are very much confident that we can meet these targets and that’s because we have properly funded them and we have a plan to get there, which is about really improving the terms of service for those who work in our defence forces.

We’re increasing and expanding the bonuses for continuing on in the defence force. We’re continuing the original retention bonus after your initial service obligation for three years and beyond that. There will be another bonus for people who stay in the defence force after that. And that’s really targeting those who are in their seventh, eighth, ninth years of service, which gets to the middle ranks where we’ve got an issue. And we’re also going to grow the active reserves so there are more opportunities for people in the reserve to do full-time or part-time work in the defence force.

This original plan goes back seven or eight years and it was about having two or three satellites above Australia to deliver that capability. Since then, we have seen technologies develop which can shoot satellites out of the sky but we have also seen technologies develop where you have thousands of micro satellites in a more distributed way providing the same effect and we are seeing that with Starlink above Ukraine.

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King and Prince William’s estates ‘making millions from charities and public services’

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Duchies of Cornwall and Lancaster likely to make at least £50m from leasing land to services such as NHS and schools, according to investigation

King Charles and Prince William’s property empires are taking millions of pounds from cash-strapped charities and public services including the NHS, state schools and prisons, according to a new investigation.

The reports claim the Duchies of Lancaster and Cornwall, which are exempt from business taxes and used to fund the royals’ lifestyles and philanthropic work, are set to make at least £50m from leasing land to public services. The two duchies hold a total of more than 5,400 leases.

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Australia news live: PwC reveals it sacked eight staff over data breaches; Perth man dies after being taken to police watch house

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Court to rule in Pauline Hanson-Mehreen Faruqi case

A federal court judge is ready to rule on whether Pauline Hanson made a racial slur when she told Greens senator Mehreen Faruqi to go back to Pakistan.

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Qantas and Virgin among 1,200 major companies that paid no income tax in Australia in 2022-23

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ATO finds 31% of large businesses reported nil tax paid as many companies deducted losses and used offsets to dial their bills down to zero

A major streaming service, media outlets, big airlines and a pizza chain are among more than 1,200 large companies that paid no income tax in 2022-23, a new ATO report reveals, as many businesses deducted losses and used offsets to dial their tax bills down to zero.

Netflix’s Australian operations generated more than $1.15bn in income in the 2023 financial year, documents show, but had no tax payable.

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Reeves’s long-term spending figures almost as unrealistic as Tories’ were, IFS says – UK politics live

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Institute for Fiscal Studies says budget ‘looks like the same silly games’ as seen under the Conservatives

Rachel Reeves is now being interview on ITV’s Good Morning Britain.

She is being interviewed by Ed Balls, the former Labour shadow chancellor who is now a TV presenter. He asks her to confirm that workers will end up losing out because of the employers’ national insurance contributions (NICs) increase.

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Ed Davey: care sector will be ‘pushed to brink’ by national insurance hike and should be exempt

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Lib Dem leader says rise in employer’s contribution risks worsening NHS crisis

The Liberal Democrats have called on the government to exempt the social care sector from the increase in national insurance in Labour’s budget, as an organisation representing many smaller care providers warned that the impact would be substantial.

In the biggest fiscal measures of Wednesday’s budget, raising an additional £25bn a year by the end of the parliament, Rachel Reeves announced an increase of 1.2 percentage points on the national insurance paid by employers, with the salary threshold at which this begins falling from £9,100 a year to £5,000.

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Reeves accused of betraying small family firms with inheritance tax rises

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Chancellor also criticised for letting the very rich off the hook with a lower than expected rise in capital gains tax

Tax rises aimed at inherited wealth are at risk of backfiring, after the chancellor was accused of betraying small family businesses while letting private equity bosses off the hook.

Labour’s first budget in 14 years included measures to close inheritance tax (IHT) loopholes and press ahead with scrapping the controversial non-dom tax status, as well as levying higher taxes on private jet flights.

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Attorney general considering releasing full robodebt report – As it happened

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Mark Butler flags importance of an Australian CDC in future pandemic responses

The federal health minister, Mark Butler, spoke to ABC News Breakfast this morning, after the Covid inquiry report was released yesterday.

Currently, we’re the only developed country that doesn’t have that single authoritative body that can provide to governments and communities about an evidence-based approach to pandemic response and to other communicable diseases. So that is the foundation on which we build a system to respond to the next pandemic - because there will be a next one – much more effectively than we did to Covid.

We all remember just how incredibly difficult and challenging it was, how it affected every aspect of our lives. And in terms of how the government worked during that period of time – we worked with those public health experts and advisers. Our focus was very much on the health and wellbeing of our community, particularly the vulnerable members of our community who were most at risk.

This was a deadly disease. We saw, particularly overseas, it killed so many people. So we were focused on a public health response – a public health response that was focused on supporting the health of our community, and also too understanding the significant additional supports that we needed to provide to small businesses to support them during this incredibly difficult time.

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