A long-term effort by the ATO to get more tax out of the oil and gas sectors has paid dividends that are likely to deliver billions of dollars in extra revenue.
Despite ever-increasing excise,tobacco taxes are falling short of forecasts and leaving a hole in the budget. Experts say a cut in tobacco tax may be needed.
Everyone seems to have an opinion on negative gearing,but the way the country taxes capital gains is costing a fortune and adding to house price pain.
Shoppers have yet to dip into their stage 3 tax cuts to boost spending. And they may face a new problem – the tax man.
Property owners knowingly making money from an illicit source could find their income and the property subject to asset seizure.
High-income earners are using trusts and self-employment to bring their “official” income down to avoid higher tax on their superannuation.
Directors who have amassed large assets,such as trophy homes and flash boats,while not passing on collected taxes to the government,are some of the first in the firing line.
New research has revealed Australia is filled with people who use trusts and other quirks to pick their tax rate as wage earners pay full freight.
The retiring head of the tax office,Chris Jordan,says the organisation needs more powers as criminals attempt to fleece taxpayers and steal their identities.
The Greens have also secured an amendment for “kicking the foxes out of the hen house” for transparency at the Tax Practitioner Board.
A $1 billion settlement with Rio Tinto underpinned the record windfall secured by the ATO’s tax avoidance taskforce.