Saturday , July 22 2017
Breaking News


Australia introduces excise duty break for distillers

Excise Duty1

SYDNEY: The Australian Government has announced that a new excise duty refund for distillers entered into force on July 1. The refund is worth 60 percent of excise duty paid, up to AUD30,000 (USD23,714) per financial year. The excise must have been paid on or after July 1, 2017 for the distiller to access the refund. This measure extends a ... Read More »

Australia improves financial services tax regime

Swiss Federal Council Approves WHT Reforms

SYDNEY: The Australian Government has moved to clarify the tax treatment of foreign investors, following concerns over the practical operation of the Investment Manager Regime (IMR) and the new tax system for managed investment trusts (MITs). The aim of the IMR is to attract foreign investment to Australia and promote the use of Australian fund managers, by removing tax impediments ... Read More »

Australian Taxation Office targets multinational tax avoidance

tax avoidance

CANBERRA: In July last year, ABC’s The Business and Michael West featured an extraordinary raft of allegations from a 32-year veteran industry insider turned whistleblower, George Rozvany, who claimed that multinational tax avoidance was “out of control” and cost the Budget up to $50 billion dollars a year in lost revenue. Rozvany claimed the Big Four accounting firms – PwC, ... Read More »

ATO boss to hit companies with $4b in tax bills post reappointment


CANBERRA: Tax Commissioner Chris Jordan will get another seven years at the head of the Australian Taxation Office, with the agency looking to hit more multinationals with tax bills amounting to $4 billion. The tax assessments include $2.9 billion in tax liabilities already issued against seven multinational companies. Mr Jordan was appointed in the top job by former Treasurer Wayne ... Read More »

Customs officers net whopping tobacco haul

customs export

CANBERRA: More than 260 million cigarettes and a whopping 204 tonnes of loose-leaf tobacco have been seized at Australia’s borders in just 10 months. Customs officials snagged the bulk of the illicit tobacco in sea cargo consignments, with figures bouncing back to relatively normal levels after an unusually lean year in 2015-16. Hauls from attempts to mail illegal tobacco into ... Read More »

Household company avoids more than $100m worth of Australian tax


CANBERRA: A multinational company that owns household name products found in virtually all Australian homes has been named and shamed for avoiding $138 million worth of tax. Reckitt Benckiser (now known as RB), which sells a range of brand names including Vanish, Dettol, Nurofen, Clearasil and Durex, made the Netherlands its regional hub for Australia, as part of a restructure ... Read More »

Australia’s Whitehaven FY coal production slightly short of guidance

A man stands amidst coal at a factory in Shaoxing, Zhejiang province, in this April 29, 2014 file photo. REUTERS/William Hong

SYDNEY: Australia’s Whitehaven Coal Ltd said on Thursday it produced 20.8 million tonnes of saleable coal in the financial year-ended June 30, falling slightly short of guidance. Whitehaven, which produces both thermal and metallurgical coal from three mines in New South Wales state, had set full-year production guidance of 21 million to 22 million tonnes for the year. Coal miners ... Read More »

Australian Tax Office staffer posted guide to hack phones


CANBERRA: An Australian Tax Office staffer has published a how-to-guide to hacking phones revealing the depths of the government agency’s investigative tactics, ABC reports. Instructions posted to the employee’s LinkedIn page showed a step-by-step guide on how to access mobile devices and bypass passwords even if the handset is turned off. The online guide has since been removed from LinkedIn. ... Read More »

Home loan demand on the rebound

home loan

CANBERRA: Demand for home loans has bounced back in the month of May, according to the latest figures from the Australian Bureau of Statistics (ABS). National housing finance data released yesterday (11 July) found that 54,061 loans were approved in May, up 1% from the previous month. “This bounce back in home loan demand is a positive sign for the ... Read More »

Australian housing finance rises in May

profit rises

SYDNEY: The number of Australian home-loan approvals rose a seasonally adjusted 1.0% in May from April, the Australian Bureau of Statistics said Tuesday. That was the first rise in approvals since January. Economists surveyed ahead of the announcement had expected a rise of 1.5% for May. The value of loans for investment housing fell 1.4% from April, the ABS said. ... Read More »

Australia’s business confidence rose in June

business confidence

CANBERRA: For the 24 hours to 23:00 GMT, the AUD declined 0% against the USD and closed at 0.7606. LME Copper prices declined 0.5% or $29.0/MT to $5780.0/MT. Aluminium prices declined 0.3% or $6.0/MT to $1914.0/MT. In the Asian session, at GMT0300, the pair is trading at 0.7613, with the AUD trading 0.09% higher against the USD from yesterday’s close, ... Read More »

ATO extends Leidos’ end user computing mega-deal


CANBERRA: The Australian Taxation Office has extended its seven-year deal with the IT services business that formerly belonged to Lockheed Martin by another year and an extra $58.3 million. The ATO signed contracts with the now-named Leidos in 2010 for end user computing services and support. The deals span desktops, laptops, mobile devices, monitors, printers, desktop and platform software, and ... Read More »

Australian LNG continues to grow

LNG imports

CANBERRA: The June Resources and Energy Quarterly report from the Department of Industry, Innovation and Science shows that Australia’s LNG exports are forecast to increase. The report highlights that Australia’s LNG exports are expected to jump from an estimated $23 billion in 2016-17 to $37 billion in 2018-19, an average annual increase of 28 per cent. LNG export volumes are ... Read More »

ANU study bolsters call for Australian sugar tax


CANBERRA: Calls to impose a controversial sugar tax in Australia have been bolstered by a new study led by researchers from the Australian National University. The study, performed in Thailand, suggested that thousands of cases of type 2 diabetes could be prevented every year by cutting out sugary drinks. Lead author Keren Papier, from ANU’s Department of Global Health, said ... Read More »

Australia’s Port Hedland shipped close to half a bln tons of iron ore last financial year


CANBERRA: Iron ore export volumes from Port Hedland — the world’s largest iron ore loading terminal — fell modestly in June having hit a record high in May. According to data released by the Pilbara Ports Authority (PPA) earlier today, exports totalled 43.085 million tonnes for the month, down from 44.076 million tonnes in May. The decline could simply reflect ... Read More »

Australia’s east coast LNG exports second highest on record in June


SYDNEY: Australia’s east coast LNG export hub Gladstone, shipped its second largest monthly volume in June, while China took the most it ever has from the port in a single month, data from Gladstone Ports Corporation showed Thursday. Total exports crept 1% higher month on month to 1.71 million mt in June, from 1.68 million mt in May, which made ... Read More »

Australia’s trade surplus balloons in boost to economy


SYDNEY: Australia’s trade surplus rebounded sharply in May as coal shipments recovered faster than expected from cyclone-induced disruptions, putting exports back on track to add to economic growth in the quarter. Combined with recent upbeat reports on consumer and business spending, economic growth now looks likely to have picked up from the March quarter’s disappointing 0.3 percent pace. Thursday’s figures ... Read More »

ATO tax deduction warning for small businesses and individuals


CANBERRA: Too many individuals and small businesses are making excessive tax deductions and the Tax Office is threatening to come after them. The ATO particularly wants to target taxpayers with attitudes like: “Everyone cheats a bit, so I can too”; “others won’t care if I cheat”; and, “I claim deductions (legit or not) to make sure I get a refund”. ... Read More »

Australia’s central bank holds rates steady

Sun reflects off the front door sign of the Reserve Bank of Australia building in Sydney in this July 5, 2011 file photo. REUTERS/Tim Wimborne/Files

SYDNEY: Australia’s central bank left interest rates unchanged Tuesday and stuck to a neutral tone on policy despite recent signs of improvement in the economy and a swing toward more hawkish guidance among its global counterparts. The decision by the Reserve Bank of Australia to keep its cash rate at a record low 1.5% had been widely expected by economists ... Read More »

Australian Tax Office signals massive tax windfall for the wealthy


CANBERRA: The Australian Taxation Office may open the floodgates for family investment companies across the country to claim back hundreds of millions of dollars in company tax, after issuing a landmark ruling that signals a flood of future refunds. The likely refunds would extend tax cuts implemented for active trading companies earning up to $25 million in income to passive ... Read More »