Sydney investors are left $20 million out of pocket by the collapse of the city's biggest catering firm but the company's bankrupt co-founder still lives in a $3 million house. Ben Hills investigates The Cabinet: a recipe for disaster
Eye on Politics & Law Lords: $37 billion in tax cuts
Tax cuts worth $37 billion, including reductions in the top two rates of tax, are the centrepiece of Peter Costello's 11th budget.
In an unexpected move, the Treasurer also revealed a plan to streamline the superannuation system and deliver tax benefits, especially to high income earners.
• Key points of 2006-07 budget What do you think about Budget 2006? [Workers, especially those on high incomes, cleaned up in the federal budget with tax cuts worth $7 to $100 or more a week. Workers get up to $100 more a week ; Our hideously complicated tax system will be a little simpler, fairer and more efficient after July 1. Simpler, fairer tax system ]
• · Out of necessity, the story of Beirut is also a story of power, memory, and statecraft. Out of necessity ; Australia spends up and slashes taxes
• · · Tax freedom day this year is April 25. This means it is a holiday for most Australians, for April 25 is also Anzac Day. As of today, Australians are working for themselves and not the taxman. The Centre for Independent Studies has worked out that yesterday was Tax Freedom Day, when Australians finished paying their taxes and could now theoretically keep all that they earn. Tax evaders to be targeted: Costello Toward a Negative Definition of Tax Incentives ; Budget to 'help middle income families'
• · · · A new round of tax cuts on top of a big boost to family payments will be the centrepiece of the federal budget tomorrow. Tax cuts for all, cash for families ; There are now almost a million Australian taxpayers who negatively gear properties, receiving an average personal tax deduction of $A125 a week. A substantial rise in the number of existing landlords who started to make a loss at the end of the property boom meant the gap between total rental income and deductions increased from $A1.46bn to $A2.78bn in 2003-04. The number of people negatively gearing properties rose by 58,000 to 940,000 in the year, with the average deduction rising from $A5,159 to $A6,522. In 2003-04, some 63% of all landlords in Australia negatively geared, which happens when tax deductions exceed rental income. The trend is of concern to the Australian Taxation Office, but the effect on the federal Budget is being concealed by higher tax revenues from workers and employees Negative gearing blowout. ; John Howard is an astonishing political creature. Maybe that's no longer breaking news, but the man continues to be a phenomenon. Most voters would not have noticed, but the mid-point between the last federal election and the next one was reached two weeks ago. The Prime Minister noticed. How to scare the voters
• · · · · There has been a large amount of public debate for months leading up to this week’s Budget about the need for tax reform, and what form that should take. Public interest versus political opportunism ; POOR old Treasurer, can't take a trick. This budget, arguably more than any of its 10 older siblings, is Peter Costello's lovechild. The wannabe prime minister demanded and received a report to help him own and shape the endless tax argument preceding tonight's announcement. After 10 tries, Treasurer's best nomination yet
• · · · · · Swimming in cash ; Budget jackpot
