Millions of Australians will be able to pay a lower Medicare levy, or avoid the fee altogether, following changes by the Albanese government announced alongside stage three tax cuts on Thursday. The low-income threshold, for which a two per cent Medicare levy applies, will increase by 7.1 per cent according to figures obtained by the … Read more
Anthony Albanese has unveiled a major redesign of stage three tax cuts in a move aimed at helping low- and middle-income earners battling through Australia’s cost-of-living crisis. The stage three cuts — which were introduced and legislated while the former Coalition government was in power and before the current economic environment marred by crippling inflation … Read more
Anthony Albanese insists a broken election promise on tax cuts is the right thing to do in changed economic circumstances, promising middle-income earners an extra $800 a year. The prime minister will use a National Press Club address to outline his case for overhauling stage three tax cuts due to take effect in July. In … Read more
Prime Minister Anthony Albanese has committed to stage three tax cuts, despite growing calls for the measures to be scrapped for other cost-of-living relief measures. The tax cuts were unveiled by the former coalition government in the 2019 federal budget, and are due to come into effect on July 1. WATCH THE VIDEO ABOVE: Albanese … Read more
Mumbai: Foreign portfolio investors, offshore private equity houses and others who had acquired stocks through the foreign direct investment route are keeping their fingers crossed after a Supreme Court ruling that could embolden the Indian income-tax (I-T) authorities to question their tax benefits. The apex court this week has given an interim stay on a … Read more
Mumbai: The Financial Intelligence Unit’s decision to issue compliance show-cause notices to nine foreign virtual digital asset service providers along with a request to the IT ministry to block their URLs for not adhering to regulatory norms is expected to level the playing field, Indian crypto exchanges have said. The move may lead to a … Read more
Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the … Read more
With tax time fast approaching, you may be planning to spend this year’s refund on a holiday, shopping spree or simply to catch up on bills. But as Australians dream big about their potential cash boost, the tax office has warned you could be greeted with a big shock following the end of the low … Read more
Australians attempting to lodge their tax return are reporting being stuck in a queue landing page — some for more than an hour — as the tax office deals with a huge volume of people accessing the site. Logging in to myGov and visiting the Australian Tax Office website directs some people to a waiting … Read more
Cash-strapped businesses are buckling under pressure from the Australian Taxation Office and other creditors as the insolvency trickle turns into a “surge”. That’s the verdict from comparison site Insolvency Australia, which found the number of businesses going bust has risen significantly in the past year. Companies appointing administrators, liquidators and insolvency firms increased by 57 … Read more
