Tag: Tax

The $500 standard tax deduction announced in the Federal Budget tonight is a fraction of the average currently claimed by taxpayers.

Small business is crying out for much needed tax reform that was missing from last night’s Federal Budget, with small business overwhelmed with regulatory burden.

The Commonwealth Bank will shut down their structured finance division, with department head Leanne Leong resigning after an internal review.

There are three things for small business to take away from the government’s tax reforms:

Small businesses are concerned that the Government’s small business tax cuts announced on the weekend might be cut out before they are even enacted.

The Federal Government should bite the bullet on one of the key recommendations in the Henry Review and allow pre-filled income tax returns for most Australians, the Taxation Institute said today.

The Henry Tax Review changes will address the ‘two speed economy’ with mining increasingly leaving behind small business and NSW and Victoria being met with an ‘unfair’ interest rate burden.

The Federal Government is being called on to provide a guarantee to Australia’s 1.9million business owners that their administrative burden will not increase as a result of the Henry Review.

The Federal Government’s policy prescriptions as a result of the Henry Tax Review show “No commitment to serious tax reform” concludes Tax Counsel for the Institute of Chartered Accountants, Yasser El-Ansary.

The Henry Tax Review, including the Government’s response, has not gained an enthusiastic response from accountants.