09/05/2018 - 06:18

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09/05/2018 - 06:18

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Squeeze on tax deductions to bring in $1.1b

Squeeze on tax deductions to bring in $1.1b

Over-claiming of deductions such as work expenses and rental losses will be targeted in a Tax Office crackdown designed to raise $1.1 billion in additional revenue. The Fin

Revenue surge delivers $140b tax cuts over 10 years

The government has launched its re-election bid with a federal budget that hands out $140 billion in income tax cuts over the next decade, locks in a surplus within three years and forecasts a drastic reduction in debt before 2030. The Fin

Commodities exports show positive growth

Australia will ship more resources overseas over the next two years as the last of the new gas export plants begin production, and iron ore output remains strong. The West

NDIS goes from fanfare to silence as blowout looms

The National Disability Insurance Scheme featured as a centrepiece of last year’s budget but scarcely rated a mention in the Treasurer’s speech yesterday as budget figures show it is now due to cost $1.6 billion more than forecast just a year after its full rollout. The Aus

ATO expands probe into oil services giant

Schlumberger, which counts BHP, Woodside, Chevron and most of the world’s big oil companies among its clients, is in a dispute with the Tax Office over seven of the eight annual accounts filed by the Houston-based company’s Australian subsidiary between 2009 and 2016. The Fin

Budget R&D rorts crackdown

Research and development tax breaks will become stingier next financial year after Canberra moved to crack down on a system it believes is being rorted. The West

Recycling blow risk for landfill tax

WA Environment Minister Stephen Dawson has signalled he could impose more increases to WA’s landfill levy and widen it in a bid to defuse an unfolding recycling crisis. The West

Retail sales flatline as shoppers get pickier

Australian consumers remain unwilling to open their purses judging by the latest retail sales figures, which showed no growth at all in March. The Fin

Lower funding for apprenticeships

Federal funding promised for apprenticeships and training by 2021 has been cut by $200 million as a revenue shortfall forces the government to overhaul and extend its troubled skilled workers fund. The Aus

 

 

The Australian Financial Review

Budget Wrap Page 1: The government has launched its reelection bid with a federal budget that hands out $140 billion in income tax cuts over the next decade, locks in a surplus within three years and forecasts a drastic reduction in debt before 2030.

Budget Wrap Page 3: Under the changes, as much as $7225 will be slashed from the annual tax bill of high-income earners but the bulk of the cuts will not show up until 2024-25.

Budget Wrap Page 4: Anyone over 65 will be able to use the equity in the home to boost their income, as part of a $258 million package of measures aimed at helping older people to better plan for a ‘‘healthy, independent, connected and safe’’ life in retirement.

Budget Wrap Page 5: Over-claiming of deductions such as work expenses and rental losses will be targeted in a Tax Office crackdown designed to raise $1.1 billion in additional revenue.

Budget Wrap Page 7: Cash payments of more than $10,000 will be outlawed under a crackdown on the cash economy expected to raise more than $7 billion and improve the budget bottom line by $5.3 billion.

Budget Wrap Page 8: Treasurer Scott Morrison reckons the Reserve Bank of Australia is a touch too optimistic about the economic outlook.

Budget Wrap Page 13: The Coalition has taken up calls for genetic and precision medicine innovations, announcing a new $1.3 billion health and medical research growth plan including $500 million to prioritise emerging study of genes and their functions.

Page 1: Incoming AMP chairman David Murray faces a ‘‘more difficult’’ job of renewing the embattled financial services giant after investor pressure forced the resignation of three directors ahead of the company’s annual meeting this week.

Page 3: Australia will have to work harder to maintain its influence in the region over the next decade as China is set to easily eclipse the United States as the most powerful player in Asia by 2030, according to a new index launched by the Lowy Institute.

Page 5: A plan in this year’s budget to help up to 20,000 more older Australians stay in their homes longer conflicts with policies designed to free up housing stock, experts say.

Australian consumers remain unwilling to open their purses judging by the latest retail sales figures, which showed no growth at all in March.

Page 8: Schlumberger, which counts BHP, Woodside, Chevron and most of the world’s big oil companies among its clients, is in a dispute with the Tax Office over seven of the eight annual accounts filed by the Houston-based company’s Australian subsidiary between 2009 and 2016.

Page 13: Canadian property trust NorthWest has put its foot on 10 per cent of $4.1 billion private equity target Healthscope, in an effort to cut itself into any carveup of the hospital operator’s property assets.

Page 15: Australia’s two biggest miners have seen little sign that customers want to use Chinese currency to buy their products, despite efforts in the Middle Kingdom to elevate the renminbi’s role in global commodity trading.

 

 

The Australian

Page 1: Booming tax revenues and a fresh push to get spending under control have lopped $126 billion off the government’s future debt burden, helping shield the budget from a looming rise in global interest rates.

Page 4: The National Disability Insurance Scheme featured as a centrepiece of last year’s budget but scarcely rated a mention in the Treasurer’s speech yesterday as budget figures show it is now due to cost $1.6 billion more than forecast just a year after its full rollout.

Federal funding promised for apprenticeships and training by 2021 has been cut by $200 million as a revenue shortfall forces the government to overhaul and extend its troubled skilled workers fund.

Page 8: Bill Shorten will back the first stage of Scott Morrison’s personal income tax cuts for low and middle income earners, set to be debated in the House of Representatives tomorrow to apply from July 1.

Page 12: Scott Morrison has laid out election battlelines with Bill Shorten on energy policy, promising the government’s national energy guarantee will lower average power bills by $400 a year by the end of the decade and rejecting Labor’s more ambitious climate targets.

Page 18: The High Court will today rule on the citizenship eligibility of Labor senator Katy Gallagher in a decision that will have implications for at least three other Labor MPs who were also British citizens at the time they nominated to stand for parliament.

Page 20: A court blitz aimed at clearing a backlog of 18,000 family law cases has resulted in disputes involving violence being inappropriately referred to mediation and caused additional, unnecessary expense for many families, lawyers say.

Page 21: Barnaby Joyce has warned parliament against cracking down on the live sheep trade, urging politicians to “protect the dignity” of farming communities that rely on the industry.

Page 30: The research-intensive Group of Eight universities last night welcomed the federal government’s commitment to spend $1.9 billion over the next 12 years on Australia’s research infrastructure.

 

 

The West Australian

Budget Analysis Page 6: Senior Australians who own their own homes are being encouraged to live it up in their golden years by applying for more of the age pension than they are eligible for and having the debt paid when they die.

Budget Analysis Page 11: A $415 million saving by cutting the number of overseas-trained doctors working in Australian cities will be used by the Turnbull Government to beef up other health services across the nation.

Serial fine defaulters will have money taken from their welfare payments and “high-value” individuals will be targeted by Centrelink’s robo-debt recovery program as the Federal Government continues to crack down on the sector.

Budget Analysis Page 12: Australia will ship more resources overseas over the next two years as the last of the new gas export plants begin production, and iron ore output remains strong.

The Australian Signals Directorate emerged as an online security behemoth in the Budget, as even Parliament House looks to get a cybersecurity makeover.

Budget Analysis Page 13: WA will fight to win more in Federal funding for road and rail projects with the Turnbull Government announcing a $1 billion urban congestion fund to tackle traffic jams and congested roads.

The Federal Government will have a slightly bigger pool of GST receipts in coming years to hand back to States such as WA as Treasurer Scott Morrison pledges action to fix the system before the next Federal election.

The ABC has hit back at budget cuts, saying the proposed $84 million hit won’t be able to be absorbed by efficiency measures alone.

Page 10: WA Environment Minister Stephen Dawson has signalled he could impose more increases to WA’s landfill levy and widen it in a bid to defuse an unfolding recycling crisis.

Page 14: A former Horizon Power manager at the centre of a corruption watchdog hearing hired his unemployed wife as a contractor then paid her more than a woman who was doing the same job.

Page 15: WA billionaire Tim Roberts has had a successful first legal sortie in his aerial dogfight with Canadian jet builder Bombardier after a Supreme Court judge rejected a bid to have a multimillion-dollar claim thrown out of court.

Page 16: Australia’s first locally grown medical cannabis for commercial use could be available for patients within weeks.

Page 18: South-East Asian drug syndicates are using increasingly deceptive tactics to trick unsuspecting Perth landlords into renting them properties they then use to set up illegal cannabis farms.

Page 19: Real estate industry veterans have joined forces to call on the City of Stirling to crack down on the “epidemic” of illegal agency advertising signs that have proliferated across the coastal suburbs.

Business: Research and development tax breaks will become stingier next financial year after Canberra moved to crack down on a system it believes is being rorted.

Ghana-focused gold play Azumah Resources has blasted back into the collective consciousness of speculative resources investors with an enviable set of drill results from its WA project.

The live export shipment at the centre of a showdown between Agriculture Minister Alannah MacTiernan and WA’s farming industry has unloaded in Turkey with a mortality rate aboard ship of less than 0.005 per cent.

Liquidators say a probe into Brierty has strengthened their view that the civil and mining contractor was trading while insolvent four months before its $66 million collapse.

Fleetwood is heading for an exit from its long-held caravan business after reporting a worsening performance by the loss-making division.

Property: Doric Group has declared it will be ramping up its legal effort to pursue $8 million it believes it is owed.

Australia’s largest child advocacy centre is being built on a heritage site at Midland’s historic railway workshops.

The Garden City Shopping Centre live-where-you-shop experiment is trending in an encouraging direction with a fifth of the apartments in the $100 million, 15-level Amara City Gardens sold at the launch on Saturday

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