BHP is willing to head to court to fight the Australian Taxation Office on a more than $1 billion tax bill over its Singapore marketing hub. The world’s largest miner has continually defended its Singapore marketing hub, where it is accused of routing profits, and says it is confident of… – Continue reading
The federal government is considering doubling the tax rate applied to more than $199 billion worth of so-called stapled structures, in a move that experts say could scare off foreign investors. Separate securities, such as a share in a company and a unit in a trust, can be stapled together… – Continue reading
The Australian Taxation Office (ATO) released its first tax transparency report, outlining for the 2013-14 year, the tax information published by the ATO covering income tax of certain corporate taxpayers with total income of AUS $100 million or more. Of the 1,539 total number of companies disclosed in the ATO’s… – Continue reading
Fed decision due after December 15-16 meeting Hong Kong and mainland Chinese stocks both closed significantly higher on Thursday, adding to a global stock rally after minutes from the US Federal Reserve’s October meeting sent a stronger signal about a possible December rate increase. The Hang Seng Index advanced 1.4… – Continue reading
‘Special purpose’ approach by accountants hides corporate secrets Amid the maelstrom over the GST, the Senate last night passed what may be the most useful piece of legislation yet to combat multinational tax avoidance. The new law was not carried by the government, whose track record on tackling big tax… – Continue reading
Exclusive PM underlines fairness test for GST ‘The fact of the matter is that any changes to the tax system will be fair’ says Prime Minister Malcolm Turnbull in question time on Monday. Australia’s peak union body is preparing for a major political fight with the Turnbull government over tax… – Continue reading
How analytics will nab cheaters. Tomorrow is the Australian Taxation Office’s official cutoff for 2014-15 personal tax returns. Will you be tempted to tell fibs about your income? How will the tax man ever know? Take note: it may already know – or at least can find out – a… – Continue reading
New transparency requirements could see tax-dodging companies being listed on a ‘name and shame’ register, a Senate committee has proposed. The Australian Tax Office would also be forced to disclose all tax avoidance settlements which exceed a proposed $100 million threshold, Fairfax has reported. In addition, companies based in Australia… – Continue reading
A complaint has been lodged with the ASX alleging an announcement about Australia’s biggest coal development contained misleading information about the project’s economic potential. In December last year Downer EDI Limited announced to the ASX its partnership with Adani Mining, to provide services for the controversial Carmichael mine in central… – Continue reading
