Business spooked by Ralph's 'asset monster.'(Australia's business tax reform; includes related article on Ralph committee tax proposals)(Statistical Data Included)

Article Abstract:

A potentially troubling aspect of Australia's tax reform is a proposal that would rewrite existing tax law and align business tax with accounting standards rather than legal precedents for depreciation of assets. The reform would base business income tax more directly on net income after the deductibility of expenditure, including changes in the value of assets/liabilities. Also, Australia is planning changes to the corporate tax rate and capital gains taxes.

Corporate Income Taxes, Corporate Tax Rates, Corporations, Tax rates, Goods and services tax, Accelerated depreciation

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CGT dreamers ready for Senate committee nightmare

Article Abstract:

Australian Democrats and the Australian Labor Party are not likely to allow the capital gains tax (CGT) reduction reform pass into law until a Senate committee inquiry requires the government to clarify its funding of anti-avoidance measures used to make the reform revenue neutral. If the proposal is found not to be neutral, Democrats may recommend a CGT cap of 30%.

Corporate Capital Gains Taxes, Beliefs, opinions and attitudes, Capital gains tax, Australian Democrats Party, Murray, Andrew

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Now for the horse-trading

Article Abstract:

Proposed relaxation of business tax laws are expected to boost the income of small business enterprises, although the goods and services tax may hurt them. Government officials claim that mining and manufacturing industries will profit from the changes in taxation. Revenue neutrality claims are disputed.

Reports, Small business, Political aspects, Australia. Parliament, Ralph, John

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