MYEFO prompts tax and LAFHA changes; some reforms deferred
In releasing the 2011-12 Mid-Year Economic and Fiscal Outlook (MYEFO) on 29 November 2011, the Treasurer said that GDP growth would not grow as strongly as forecast and that forecast tax receipts had been written down by more than $20bn over the forward estimates. He said global economic and financial conditions had “deteriorated markedly in ...more
Government agrees to a tax summit
In its agreement with Independents Tony Windsor and Rob Oakeshott, the Gillard Government has agreed to “facilitate discussion of future tax reform” by convening a tax summit to discuss the Henry review – the summit would be held before 30 June 2011. The Treasurer has, however, ruled out including the proposed mining tax in the ...more
Treasurer releases 2010 Intergenerational Report
On 1 February 2010, the Treasurer released an updated 2010 Intergenerational Report (IGR) highlighting the challenges over the next 40 years, including an ageing population, and mounting pressures on the health system. The report entitled, “Australia to 2050: Future Challenges”, is available on the Treasury Website. Population and demographic changes The report projects that Australia’s ...more
CGT on family homes: Treasurer says "no"
The Treasurer has responded to an article published on the front page of the Weekend Australian (15-16 August 2009 edition). [The article suggested the Govt had asked Treasury to model the possibility of applying CGT to certain family homes.] Mr Swan said the article in relation to CGT on family homes “is factually incorrect”. He ...more
Tax Design Review Recommendations Underway
The First Home Saver Accounts Bill 2008 received Royal Assent on 25 June 2008. From 1 October 2008, accounts can be offered by banks, building societies and credit unions, public offer superannuation providers, life insurance companies and friendly societies.
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