Government’s Economic Statement: budget surplus in 2016-17; tax and super changes including deferring $2k deduction cap for self-education expenses [13]

The Government Fri 2.8.2013, released its Economic Statement (August 2013) ahead of the upcoming Federal election. The Government announced that it is “on track” to achieve a modest budget surplus of $4bn in 2016-17. With the forecast moderate slowdown in the economy, the Government said it has made the decision to allow the tax write-downs…

Transfer pricing documentation and requirements for intangibles: OECD papers for consultation [11]

The OECD has released for comment a White Paper on Transfer Pricing Documentation. The OECD said the paper is intended to initiate an international discussion of ways in which compliance with transfer pricing documentation requirements can be made simpler and more straight-forward, while at the same time providing tax authorities with more focused and useful…

Coalition budget ‘savings’ plan: loss-carry back, other business tax breaks to be removed [10]

The Coalition on Wed 28.8.2013, revealed details as to how it proposes to “get the Budget back under control”. The Coalition confirmed that it would “abolish the carbon tax and associated spending measures apart from the compensation to households in the form of lower taxes and fortnightly pension increases”. It also confirmed that it would…

*Coalition policy on manufacturing – R&D tax incentive review flagged [9]

The Coalition on Wed 21.8.2013, released its policy on boosting manufacturing in Australia. The Coalition pledged that, if elected, it would examine the effectiveness of existing tax incentives and develop recommendations for improving the incentive regime for innovation and R&D investment. It said it would also progressively restore funding to Export Market Development Grants starting…

*Greens propose 2% point cut to company tax rate (to 28%) for small businesses from 1 July 2014 [7]

The Australian Greens have proposed that the company tax rate should be reduced to 28% for small businesses from 1 July 2014. Greens Leader Senator Christine Milne said the proposal has been costed at id=”mce_marker”.75bn over the forward estimates on the budget figures.

Source: Australian Greens media release, 7 August 2013

[LTN 151, 7/8/13]