Author: dr-abul-jalaluddin

Calls to abolish luxury car tax

Federal Chamber of Automotive Industries is renewing its call to abolish the Luxury Car Tax (LCT) as Toyota customers collectively pay more than the purchasers of Ferraris, Porsches, Lamborghinis and most other luxury cars. The LCT was introduced on 1 July 2000 by the statute of A New Tax System (Luxury Car Tax) Act 1999. The intention of this legislation was to protect the local car industry which doesn’t exist any longer. This tax is imposed on the supplies and importations of luxury cars and is in addition to any GST that may be payable. It is calculated on...

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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?

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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Combating multinational tax avoidance in Australia

Australian multinational anti-avoidance law applies from 1 January 2016. It ensures multinationals pay fair share of tax on profits earned in Australia. It targets large corporations that implement arrangements or schemes to avoid having a taxable presence in Australia, resulting in an outcome of paying a little or no tax to this country. The anti-avoidance measures apply to a significant global entity which is defined as having an annual global income of $1 billion or more. The law intends to capture situations where a foreign multinational supplies goods or services to Australian customers and books that revenue offshore; an...

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