Public purse bulging: a hefty surplus gives the government plenty of scope to negotiate its tax package

Article Abstract:

Despite a current budget surplus of $5.4 billion and relatively optimistic forecasts of economic growth, Australians are split about whether or not to implement a goods and services tax (GST). Various experts have forecast the economy's growth to be between 2.5 and 3%. However, given a current-account deficit of $32 billion and possible overstimulation of the economy, the $2 billion needed to pass the GST might leave little in reserve to handle an unforseen economic or political issue. Further, the current-account deficit could mean an increase in bond spreads, making Australia a risky investment.

Tax Law, Public Finance Activities, Finance, Consumption taxes

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Trusts, business and Howard's vision

Article Abstract:

Australian Prime Minister John Howard's tax reform package includes cuts fro families and a goods and services tax. The GST will impact businesses and the Labor party is expected to oppose it. Howard has the hard task of selling the whole package. He believes that if it does not go through tax reform will not happen for another 20 years. Howard expresses his vision for the tax plan.

Cover Story, Howard, John

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Sacrifice a matter of trusts

Article Abstract:

Tax reform in Australia may result in changes to trusts. The government's intention to lower corporate tax rates may results in changes to the tax consequences of trusts. It is acknowledged, however, that should trust status be affected, there could be some political fallout as many beneficiaries are Liberal and National Party voters.

Laws, regulations and rules, Trusts and trustees, Trustees, Trusts (Law)

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