Secret Cabinet Office document reveals chaotic planning for no-deal Brexit Guardian
The ATO is gobbling up income growth: RBA - report that the RBA has said that a crackdown on tax deductions and better technology from the ATO is contributing to slower income growth and slower consumption
ASIC expects more referrals to prosecutors for wealth industry wrongdoing
The corporate watchdog is looking at about 20 matters where criminal offences may have been committed in the wealth management sector.
Stunning win for Chemist Warehouse workers on both wages and labour hire
The workers have been on a two-week strike at the cut-price Chemist's distribution hubs, which had led to shortages on the shelves.
Ohio State hosted a symposium yesterday on Artificial Intelligence and the Future of Tax Law and Policy (program)
Congressional Research Service, Digital Services Taxes (DSTs): Policy and Economic Analysis (R45532) (Feb. 25, 2019):
Several countries, primarily in Europe, and the European Commission have proposed or adopted taxes on revenue earned by multinational corporations (MNCs) in certain “digital economy” sectors from activities linked to the user-based activity of their residents. These proposals have generally been labeled as “digital services taxes” (DSTs). For example, beginning in 2019, Spain is imposing a DST of 3% on online advertising, online marketplaces, and data transfer service (i.e., revenue from sales of user activities) within Spain. Only firms with €750 million in worldwide revenue and €3 million in revenues with users in Spain are to be subject to the tax. In 2020, the UK plans to implement a 3% DST that would apply only to businesses whose revenues exceed £25 million per year and groups that generate global revenues from search engines, social media platforms, and online marketplaces in excess of £500 million annually. The UK labels its DST as an “interim” solution until international tax rules are modified to allow countries to tax the profits of foreign MNCs if they have a substantial enough “digital presence” based on local users. The member states of the European Commission are also actively considering such a rule. These policies are being considered and enacted against a backdrop of ongoing, multilateral negotiations among members and nonmembers of the Organization for Economic Cooperation and Development (OECD).These negotiations, prompted by discussions of the digital economy, could result in significant changes for the international tax system.
Wall Street Journal, Does It Pay (Taxwise) to Get Married?:
Among many things, the Tax Cuts and Jobs Act of 2017 affected the so-called marriage penalty, which occurs when a couple’s total tax bill rises as a result of getting married and filing their taxes jointly.
 Does transparency REALLY put the rich and famous at risk?
Good news!
Website traffic is up 60 per cent over the last three months. It was running
at 71,000 last month, according to this
story, up from 44,000 last November. Big thanks for those sharing
stories and especially for financial supporters who make this all
possible. The Top 40 Tax Dodgers Countdown went well. Our Top 40
Tax Heroes (the Good Guys) will be published shortly. For those who
prefer to hear it than read it, here is a video
clip of Late Night Live with Phillip Adams.
|
 |
You can't win them all. It seems the deal to
sell 43 Australian hospitals to the Cayman Islands, inexplicably, has been
approved by the Treasurer. Human rights barrister Julian Burnside slammed his
Kooyong rival Josh Frydenberg for accepting Liberal Party donations
from Healthscope then giving the takeover the green
light.
 |
 |
Both Healthscope and its tax-haven-loving
suitor Brookfield feature on the Top 40 Tax Dodgers chart.
But it is oil major
Exxon who took out the gong as this country's numero uno tax cheat, with
EnergyAustralia nipping at its heels.
|
 |
The Kitchen
Table series on franking credits is a must read. Some startling stuff is
emerging. Check out how Penny the Pensioner pays the grandkids private school
fees. See how Qantas had its decade tax holiday; check how
to get a yield of 8.8pc on your CBA shares, and how Kelly O'Dwyer became
the enemy of the 1pc.
 |
 |
Two
vital pieces: one is this latest take on the government
spending blitz by data guru Greg Bean. Billions in no-contract
tenders are salting the fields for the next government. Worse, the
Coalition has just doubled all the debt in just six years that Australia had
accumulated since Federation. This story by Alan Austin.
 |
We just went to
press with this
expose on how Australian Unity has been charging its frail and
elderly customers more in admin fees than the cost of providing its Home Care
service.
High charge-out rates for unskilled workers, inflated
charges across the board; Australian Unity is not alone in exploiting the
vulnerable but this story serves as a poignant reminder that, wherever there
is a bucket of government money, there will be corporate welfare exponents in
hot pursuit.
Will the "Low GI" badge on processed food
pass the way of the Heart Foundation tick? This investigation
by Maryanne Demasi explores the science behind Low GI, a rating
which is paid for by the food companies so is hardly independent. Recall
Maryanne's success in getting the Dietitians Association to dump its
compromising corporate sponsorships? We expect the Low GI thing may also wrap
up when people understand the conflicts of interest.
Finally, the Big Four
are at it again. KPMG has pursued PwC back into the
insolvency racket, despite selling out of it 15 years ago because of
overweening conflicts of interests. No fuss from the banks this time. And the
silence of the regulators is no surprise. Nobody lays a glove on the Big Four
these days.
Michael West
|
|