Author: Dr Abul Jalaluddin

Who pays for $6.2 billion bank levy

From 1 July 2017, the largest 5 banks (Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, ANZ and Macquarie Group Limited) will pay a levy of 0.06% on their client deposits, raising $6.2 billion over the next 4 years.  They will face up to $200 million in fines if they cover up misconduct by their executives. In addition, senior bank executives could be stripped of bonuses, deregistered or disqualified if they breach new accountability rules. Australian banks are the most profitable corporate entities in the World. Australian consumers pay higher fees and margins for bank products and...

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Federal Budget 2017-18: How it affects you

The federal budget for 2017-18 was characterised by hitting banks with a new tax, a rise in Medicare levy and helping first home buyers. It forecasts an unemployment rate of 5.75%, economic growth rate of 2.75% and a deficit of $29.4 billion in 2017-18. It will raise $21 billion of new taxes over 4 years of budget cycle. The budget is projected to return to surplus of $7.4 billion in 2020-21. Bank Levy and Banking Executives From 1 July 2017, the largest 5 banks (Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, ANZ and Macquarie Group Limited)...

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Incorporation of Islamic Banks in Australia: Potentials and Challenges

High Potentials There is a high potential for Islamic banking, Islamic financial services and Islamic wealth management in Australia due to a sizeable Muslim population (market) and Muslim businesses in various sectors of the economy. According to 2011 Australian Census (as the Australian Bureau of Statistics has yet to release the outcome of its Census conducted in November 2016), there were 476,290 Muslims in Australia, of whom about 40% were Australian born. This is a conservative figure and some estimates point to a much higher level of Muslims in this country. About 46% of the Muslims live in NSW,...

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How much tax revenue is foregone by the Government?

Every financial year, Federal Government foregoes a significant amount of taxes from individuals and businesses as tax breaks which are treated as tax expenditures. These typically involve tax exemptions, deductions, offsets, concessional tax rates and deferral of tax liabilities. The government incurs tax expenditures in a number of large policy measures including superannuation, investment properties, principal places of residence, health, food, education, financial services, child care, small business income, non-profit hospitals and philanthropy.  Capital gains tax (CGT) break on family homes (principal places of residence) and 50 per cent discount on investment properties is the largest tax expenditure accounting...

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Corporate tax transparency in Australia

Every year, Australians get to know how tax is paid by large corporations and multinational companies to fund their schools, hospitals, roads as well as all other social and welfare services. Income Tax Transparency Law 2015 mandates this report for public debate on tax policy, particularly on corporate taxation. The large corporate tax transparency population includes Australian public and foreign-owned entities with total income of $100 million or more; Australian-owned resident private entities with total income of $200 million or more; entities that have petroleum resource rent tax (PRRT) and entities that have minerals resource rent tax (MRRT) payable...

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