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Money Labor could end tax dodge to fund tax cuts

05:49  14 march  2018
05:49  14 march  2018 Source:   msn.com

Government targets One Nation on company tax

  Government targets One Nation on company tax The government launched a 10 day lobbying blitz of the crossbench on Monday in an attempt to win support for its company tax cuts.The government launched a 10-day lobbying blitz of the crossbench on Monday in a bid to win sufficient support for the tax cuts before Parliament rises for the five-week pre-budget break.

Wealthy investors will no longer get cash refunds if they pay no tax , under a Labor plan that could fund future tax cuts for low and middle-income earners.

Bill Shorten says Labor could give low and middle-income earners tax cuts as part of a plan to stop wealthy investors from getting taxpayer- funded refunds.

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Wealthy investors will no longer get cash refunds if they pay no tax, under a Labor plan that could fund future tax cuts for low and middle-income earners.

PM 'close to striking deal' on tax cuts

  PM 'close to striking deal' on tax cuts Malcolm Turnbull all but gave a guarantee wages will rise if company tax cuts are passed. The Prime Minister said the cut would lead to more investment and more productivity."There is no question you will see a rise in wages with a reduction in company tax," the Prime Minister said.The comments came as the government furiously negotiated with senate crossbenchers to pass the cuts before the May Budget. © MARK METCALFE/AFP/Getty Images Prime Minister Malcolm Turnbull has pledged that companies will deliver pay rises if his big business tax cut passes the Senate.

Arizona legislators giving tax dodge the stink eye. Arizona's largest office complex pays no property taxes (but you and I sure do). At a time when we can ’t properly fund public education, Senate Bill 1467 would expand tax credits to pay for private school tuition. Yet another tax cut .

The Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, Pub.L. 115–97

Labor will also give all businesses an instant $20,000 asset write-off to encourage new investment, making the government's tax break permanent.

Treasurer Scott Morrison says Labor's plan to wind back Howard-era rules allowing investors to claim tax imputations from dividends is "theft", but Mr Shorten says the loophole is "absurd".

"If you have accumulated $4 million in superannuation, congratulations," Mr Shorten said in a speech in Sydney on Tuesday.

"But I just don't believe you need help from other taxpayers to turn that into $8 million."

The original scheme was introduced under Paul Keating to make sure company profits aren't taxed twice - once with corporate tax and again via personal income tax.

But in 2000 John Howard allowed investors to get a cash refund from the government if their tax imputation was more than the tax they owed.

Over 200,000 pensioners to lose money if Labor abolishes cash refunds, Chris Bowen says

  Over 200,000 pensioners to lose money if Labor abolishes cash refunds, Chris Bowen says More than 200,000 pensioners will lose money under Labor's plan to overhaul Australia's system of franking credits, shadow treasurer Chris Bowen says.The Opposition wants to save more than $5 billion a year through overhauling Australia's system of franking credits.

As you groan about the size of the check you cut to Uncle Sam today, just imagine the savings the country’s biggest corporate citizens are wracking up

Read more about the new hedge- fund tax dodge . Under pressure from industry lobbyists and exploiting a split among White House advisers, the Republican Congress in December failed to fulfill Trump’s promise to end the tax windfall enjoyed by money managers.

"They're getting a refund on tax they haven't even paid," Mr Shorten said.

"I think most Australians will be surprised to know (about it)."

Bill Shorten says Labor could give low and middle-income earners tax cuts as part of a plan to stop wealthy investors from getting taxpayer-funded refunds. © AP Photo/Eugene Hoshiko Bill Shorten says Labor could give low and middle-income earners tax cuts as part of a plan to stop wealthy investors from getting taxpayer-funded refunds. Self-managed super funds are major beneficiaries of the scheme, with some investors paying zero tax but still getting cash refunds of as much as $2.5 million a year.

Mr Shorten said getting rid of the loophole would allow Labor the option of offering tax cuts to low- and middle-income earners as part of its pre-election platform.

But Mr Morrison said low-income earners and pensioners would be taxed twice under the Labor plan.

"If the Labor Party are prepared to deny you what is effectively a tax refund, because you've overpaid your tax, where will they stop?" he told reporters.

Australia's biggest companies have promised to 'invest more' if they get a company tax cut

  Australia's biggest companies have promised to 'invest more' if they get a company tax cut Ten of Australia's biggest companies have promised to "invest more in Australia" if the Turnbull government's plans to cut the company tax rate are passed by the Senate. In an open letter to the Senate today, The Business Council of Australia and the leaders of 10 corporations, including Woolworths boss Brad Banducci, Fortescue Metals chairman Andrew Forrest, BHP's Andrew McKenzie, Energy Australia Managing Director Catherine Tanna, Rob Scott of Wesfarmers, Qantas CEO Alan Joyce, Woodside Energy's Peter Coleman, Brent Eastwood of the country's meat processor JBS Australia, and MYOB's Tim Reed, along with BCA

Rushed through Congress, and approved over the unanimous opposition of Democrats, it took effect this month, delivering tax cuts and tax code changes that large, U.S.-based He estimated Apple could have as much as 9 billion in foreign cash at the end of its current fiscal year on Sept.

“If your complaint about the tax bill was that it was too expensive and gave too many tax cuts to the In the end , the state would presumably receive the same amount of revenue from its income tax . The Social Security trust fund overall could also take a hit, depending on how many blue states adopt

Labor says Australia is the only developed country in the world with a fully refundable imputation credit scheme.

The policy would apply from July 1 next year under a Labor government and charities and not-for-profit institutions, such as universities, will be exempt.

The Parliamentary Budget Office estimates the policy will impact just eight per cent of taxpayers, including about 200,000 self-managed super funds.

Shadow treasurer Chris Bowen says the changes have the approval of the original system's architect, Mr Keating.

The Australian Shareholders Association said the changes would hurt those who invest in Australian companies that pay dividends.

Mr Shorten said the instant write-off for new business investment would drive asset investment and job creation.

"We're saying to Australian business 'if you spend, we will reward you'," he said.

The Australian Food and Grocery Council welcomed the instant write-off as a way of addressing declining investment in the sector.

JT's classy gesture for bushfire victims .
Johnathan Thurston has announced he will auction off the boots he wore in his 300th NRL match to aid the NSW town of Tathra, which was devastated by fire last week. To raise money for those affected by the blaze, Thurston has generously donated the custom-decorated footwear he wore in match 300, a match that saw his North Queensland Cowboys defeat the Cronulla Sharks 20-14 in Townsville.

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