Saturday , March 24 2018
Breaking News


Australian border patrol nabs Maseratis


CANBERRA: Australian Border Patrol officers have nabbed a number of visiting Maseratis. The classic Maseratis which date from 1964 and include a 3500 GT previously owned by Joe Walsh of The Eagles, docked in Melbourne last week where they were selected at random for invasive asbestos testing, a process which can cost the owner up to $30,000 and includes drilling core ... Read More »

Australia central bank holding rates with eye on high household debt


CANBERRA: Australia’s central bank took account of high household debt while holding interest rates at record lows this month, arguing faster wage growth was needed to assure a long-awaited recovery in inflation. The Reserve Bank of Australia (RBA) has left rates at 1.50 percent since last easing in August 2016, the longest spell of stable policy since the early 1990s. ... Read More »

Australian miner in P277-M business tax


CANBERRA: The mineral-rich upland town of Kasibu in this province is richer by P276.9 million from payments of local business taxes by an Australian-Canadian mining firm from 2015 to 2018. OceanaGold Philippines, Inc. (OGPI) started commercially operating its Didipio Gold-Copper Project here in 2013 after two decades of explorations. Being host to the OGPI project, the Kasibu local government received ... Read More »

Offsets for emissions breaches prove Australia has a carbon market


CANBERRA: Sixteen Australian industrial sites have breached government-imposed greenhouse gas emissions limits and had to buy millions of dollars in carbon credits. The breaches came despite big emitters being granted generous carbon limits, in many cases above their highest previous pollution levels. They were revealed in the first batch of emissions data released under the Coalition’s “safeguard mechanism”, part of the Direct Action ... Read More »

Against immigration would devastate Australia


CANBERRA:” Australia just wrapped up its 26th consecutive year of economic growth. It’s always happy to trumpet that, but one major cause doesn’t get enough respect.  The quiet force behind this growth streak is immigration. Or as squeamish politicians sometimes call it, “demographics” and “population growth.”  Some, it would seem. Australia has its own right-wing nativist rabble. The urban-rural divide ... Read More »

Australian fruit exports up vegetable exports down


CANBERRA: Australian fruit exports have exceed $AU1billion for the first time within a calendar year, fresh vegetable exports have suffered drops in key markets of over 50%. Wayne Prowse of Fresh Intelligence Consulting told Fresh Plaza that, between 2016 – 17, vegetable exports declined in key markets such as Indonesia, Europe and Taiwan. “The main reasons for this decline is ... Read More »

Australia Indonesia border tensions resurface


CANBERRA: Indonesia’s long-held resentment over Australia’s sprawling maritime claims along their ill-defined border have spilled into the diplomatic arena following a recent settlement of a parallel dispute in neighboring Timor Leste, also known as East Timor. Jakarta contends that the Timor agreement, which affects the jurisdiction of energy reserves worth billions of dollars in the Greater Sunrise gas fields, will ... Read More »

Australian steel producers to benefit from reduction in Chinese net exports


CANBERRA: The recent events surrounding President Trump’s decision to levy tariffs on steel and aluminum imports, seen by many as a first step towards triggering a global trade war, has, alongside others around the world, troubled Australian ultra-high-net-worth investors, who have everything to lose and nowhere to hide. Net exports appear to remain depressed for another few months, thanks to ... Read More »

Australia’s banking sector flashes early indicators of crisis


CANBERRA: Australia managed to weather the global financial crisis of the last decade – but there are signs that it may be headed towards a banking crisis of its own, according to a recent report by the Bank for International Settlements (BIS). The bank looked at four early warning indicators for stress in different countries’ domestic banking systems: Debt service ... Read More »

Health costs the Australian economy $40b per quarter


CANBERRA: Health has become a $164 billion drag on the economy in the past year alone, dwarfing the potential benefits from the Turnbull government’s proposed company tax cuts. For the first time, the cost to the Australian economy of obesity and mental health propelled the total cost of declining health outcomes to $40 billion per quarter, according to the latest ... Read More »

Punters tax could kill Betfair in Australia


CANBERRA: The end of Betfair in Australia has been mooted as a possible outcome of the implementation of a widespread Punters’ Tax in Australia, according to one industry expert. The Punters’ Tax, or point of consumption tax, is set to be rolled out by all states in Australia in the coming two years, with South Australia already charging bookmakers a 15 per ... Read More »

Australian tax office is targeting cryptocurrency profits


CANBERRA: The Australian Tax Office (ATO) has sent out a warning to people that have been making profits on cryptocurrency trades. In particular, the ATO will be using new anti-money laundering legislation to crack down on tax-cheating bitcoin traders. The director of tax communications at H&R Block, Mark Chapman told reporters that cryptocurrencies are “an area where you should get professional advice ... Read More »

Australian government to track down investors liable to pay bitcoin tax


CANBERRA: The Australian government is reportedly going to track down investors who may be liable to pay for their bitcoin tax, according to a report. To ensure transparency within the market, the Australia Tax Office (ATO) will employ the use of identification and data-matching checks, reports Business Insider. Since then, however, the market has slumped in value, with global regulators calling ... Read More »

Shining a spotlight on Australian digital currency tax laws


CANBERRA: Since the ATO released the Convenient Guidance Paper, the position stands that bitcoin and most cryptocurrencies are a form of property and are taxable. The ATO recently commented on the taxable nature of bitcoin, saying: “Any financial gains made from the selling of bitcoin will generally be subject to capital gains tax (CGT) and must be reported to the ATO”.It ... Read More »

Australian tax office to crack down on crypto tax evaders


 CANBERRA: Australian Tax Office will be going after cryptocurrency investors to ensure they are accurately filing their crypto gains on their taxes this year, Business Insider Australia reported Feb. 28. The Australian Tax Office will use data matching and “100-point identification checks” to track down crypto investors, as well as bilateral tax treaties and anti-money laundering commitments to get more information out of the ... Read More »

Trump tax plan a killer for expats in Australia


CANBERRA: Expatriate Americans with businesses in Australia are in for a nasty surprise as a result of the Trump tax plan, experts say.  While much attention has been paid to the for giants like Apple and Google, in fact any dual US citizen with retained earnings in a private business located outside America will be hit.”If you own a private corporation, ... Read More »

Australia surges to 10th highest average tax rate as government


CANBERRA: The Turnbull government has launched a new lobbying effort to pass its business tax cuts, distributing economic modelling to crossbenchers that shows Australia has shot up the list of the world’s highest average corporate tax rates. Finance Minister Mathias Cormann ramped up the Coalition’s case for the full $65 billion plan on Wednesday, drawing the attention of resistant senators ... Read More »

Australia’s tax office will chase down bitcoin investors


CANBERRA: Australian government will use data-matching and identification checks to pursue bitcoin investors for their tax liabilities. Bilateral tax treaties and anti-money laundering powers will be used by the Australian Tax Office to try to ensure transparency in the crypto market, where the anonymity provided by the underlying blockchain technology is prized among some investors. National Tax Liaison Group member ... Read More »

Australia’s digital identity platform moves into final beta


CANBERRA: The Digital Transformation Agency (DTA) has revealed its digital identification platform is moving into beta phase, with CEO Gavin Slater telling Senate Estimates on Tuesday morning the next stage will allow individuals to create an online form of ID. Pointing to last week’s launch of the  that sets out the rules and standards for a nationally consistent approach to digital ... Read More »

Key minor party rules out support for Australian corporate tax cut


CANBERRA:  The Australian Government’s proposed corporate tax cut appears dead after a key minor party ruled out supporting the reforms. Pauline Hanson, leader of the right-wing One Nation Party, on Monday said Senators from her party would not support the cuts, denying the government the Senate majority necessary to pass the bill into law. Inspired by U.S. President Donald Trump ... Read More »