Taxes
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14th May, 2013 2013 BUDGET • Larger companies to pay $4.2 billion extra tax • Superannuation funds to pay tax bills monthly raising $1.4 billion over four years |
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18th April, 2013 More than 100 tax measures announced by the Rudd / Gillard Government which are collectively designed to raise more than $11 billion have not yet been legislated (Institute of Chartered Accountants - The Australian) |
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13th February, 2013 Labor Governments are always big taxers. This government introduced at least 30 major tax increases and had left almost 100 tax increases unlegislated. The Carbon tax, failed mining tax, massive new taxes on superannuation and increased excise charges have helped deliver record revenue to the Labor Government. |
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8th February, 2013 Treasurer Swan admits that the Government has collected only $126 million from its mining tax in its first 6 months in spite of Labor's Budget estimate of $2.7 billion revenue from the tax in its first full year. This collection is reduced by a $44 million drop in company tax payments from the companies which paid the tax and $50 million in administrative costs |
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14th January, 2013 Gillard Government's new mining tax will not collect any revenue from major miners in either of its first two quarters (The Australian) |
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9th May, 2012 Of every $100 tax collected by the Federal Government: $34.99 goes to social security and welfare $13.12 goes to the states and territories $16.21 goes to health $7.86 goes to education $5.73 goes to defence $1.34 goes to transport and communication $1.93 goes to housing $.055 goes to manufacturing and mining $1.86 goes to interest on debt $16.40 goes to all other functions (Tax Institute 9-5-12) |
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18th October, 2011 Rio Tinto announces plans to sell its Australian alumina refineries because of higher electricity prices (The Australian) |
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1st October, 2011 Queensland Government owned power companies post losses of more than $1 billion due to write downs of their assets as a result of Labor's carbon tax |
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18th July, 2011 Victorian Minister for Energy and Resources predicts that gas prices in the eastern states will triple over the next 5 years and a carbon price of $70 - $80 per tonne will be required to make gas fired power stations viable (The Australian) |
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18th July, 2011 Treasury modelling on carbon tax is based on real wage reductions of 0.8% by 2020 and 5.6% by 2050 to maintain employment. The modelling says some industries such as agriculture may survive because of lower wages |
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18th July, 2011 Australian Trucking Association estimates that the carbon tax will add almost $500 million to trucking costs from 2014 |
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12th July, 2011 Greens Senator Sarah Hanson Young says "small towns that are based entirely on fossil fuels probably won't exist" (The Australian) |
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12th July, 2011 The nation's biggest emitters estimate that compliance costs for the carbon tax will exceed $100 million for technology alone |
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12th July, 2011 The Greens will not allow $10 billion Clean Energy Finance Corporation to provide funding for carbon capture and storage |
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11th July, 2011 Labor's new carbon tax to add $5000 to the price of an average house value of $300,000 (Master Builders Assoc) |
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11th July, 2011 Airlines warn that tripling of the fuel excise on aviation fuel will increase airfares and result in the closure of some domestic air routes, particularly in regional Australia Qantas costs will rise by more than $110 million in the first year of the carbon tax, Virgin $40 million and Rex $7 million |
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11th July, 2011 Converting coal fired power stations to renewables will more than double the cost of electricity in Australia (Energy Users of Australia) |
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11th July, 2011 The Australian stock market loses $50 billion in the first two days of the trading after the announcement of the carbon tax. Dozens of companies downgrade profit forecasts |
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10th July, 2011 Labor announces its new carbon tax The new "price on carbon is set at $23 per tonne from 1-7-2012, rising two and a half percent every year until the new Emissions trading Scheme begins in 2015 - the price at the beginning of the ETS is expected to be $29 rising to $350 by 2050 The tax will collect $27.2 billion in its first three years and include 6 new bureaucracies and 20 new programs employing thousands of people The net outcome will be a deficit of $4.3 billion with a further $3 billion required to fund the closure of 2000 megawatts of coal fired power stations A new $10 billion Clean Energy Finance Corporation (Gillard Bank) will lend funds for green energy projects The tax free threshold will increase from $6000 to $18200 and to $19400 from 1-7-2015 - but the lowest tax rates will increase from 15% to 19% and 30% to 32.5% - the first tax rate rises in 30 years. The low income tax offset has been slashed from $1500 to $445. The carbon tax is estimated to add $9.90 per week to the cost of living for average families and promises to pay $10.10 per weeek as compensation through increased welfare payments |
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10th May, 2011 BUDGET 2011-12 For the first time in eight Budgets there are no personal income tax cuts A special one year flood tax levy imposed (1% on incomes above $100,000 — 0.5% on incomes from $50,000 to $100,000) Government announces a new 20% statutory rate for fringe benefits tax hurting local tradesmen and people in regional and remote areas who make greater use of their cars- to be phased in from 10-5-2011 to 1-4-2014 Dependent spouse tax offset abolished for most spouses under 40 years of age Up front HECS / HELP payment discount halved from 20% to 10% Family Tax Benefit A and B supplements frozen for three years at $726.35 per child and $354.05 per child respectively for three years. Higher income thresholds for Family Tax Benefit A and B, dependency tax offsets, baby bonus, and paid parental leave, all frozen for three years. Cost to families will be more than $2 billion The Budget provides no detail of the carbon tax even though it is to commence from 1-7-2012 (the same date as the mining super profits tax which the Budget expects to raise $3.7 billion in 2012-13 and $4 billion in 2013-14 |
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27th January, 2011 Julia Gillard announces a new tax surcharge to meet the cost of flood damage restoration to raise $1.8 billion |
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21st December, 2010 Government's Mining Tax Review makes 94 recommendations to change Labor's mining super tax. Treasurer Swan refers the issue to COAG Since 2007, electricity prices are up 42% (before Labor's new carbon taxes), gas is up 29%, water is up 46%, education and health up 17%, rent up 18% |
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13th August, 2010 Canada's Fraser Institute reports that Australian States and Territories have fallen sharply as a preferred place to invest as a result of Labor's new mining tax. Australia has dropped from 18 to 31 ranking amongst 51 mining jurisdictions |
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24th June, 2010 Kevin Rudd deposed as Prime Minister and replaced by Ms Julia Gillard |
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11th May, 2010 BUDGET The 2010-11 Budget increases tobacco excise by 25% to raise an extra $5 billion over 4years Labor's 2010-11 Budget increases taxes and charges by $26 billion |
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2nd May, 2010 Government responds to Henry Tax Review with 10 new taxation and spending intiatives, only two and a half of which were among the 138 report recommendations - two measures adopted by the Rudd Government were specifically rejected by Henry. 110 recommendations have neither been accepted or rejected |
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20th April, 2010 Government announces an inquiry into the bungled ATO computer system |
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16th April, 2010 Treasury Secretary Ken Henry says higher taxes would be prudent to meet substantially larger Rudd Government spending Tax office admits that hundreds of thousands of taxpayers have not received their tax refund cheques. 140,000 taxpayers received refund letters without the cheques. The ATO blames its $880 million new computer system but tax bills are being processed normally |
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29th December, 2009 Queensland slips further down the state tax list with 2009 figures showing a medium sized business pays $230,221 in state taxes (Queensland is now third behind Western Australia and Victoria) |
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12th May, 2009 BUDGET Labor's out-of-control and undisciplined fiscal management does not end at spending. Since the last election, Labor has introduced tax hikes worth $26 billion |
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19th March, 2009 The Rudd Labor Government will hand back $300 million to the alcohol industry instead of using the funds to tackle binge drinking |
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9th January, 2009 Sales of "luxury" cars fall 23.6% - double the fall in other car sales - following the introduction of the Government's luxury car sales tax surcharge. As a result Government revenue from motor vehicle sales tax will decline and not increase as a result of the new tax surcharge |
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7th January, 2009 The Rudd Government has increased or imposed taxes and charges on business that will raise an additional $2 billion |
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23rd September, 2008 The Government bungles its new luxury car tax surcharge leaving many imported cars including Jaguars, BMWs, Audi's, Mercedes Benz and Saab's luxury car tax free, while top of the line Holden's will pay 33%. Farmers' Toyota Landcruisers will pay 25% (33% if it's leased) while the same vehicle owned by a farm contractor will pay 33% |
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16th July, 2008 The Rudd Government reveals that a new tax will be placed on petrol after the next election |
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14th May, 2008 BUDGET The Passenger Movement Charge rises from $38 to $47 Tax on vehicles worth more than $57,009, including people movers and 4 wheel drives increased to 33% Labor places a new $2.5 billion excise on North West Shelf condensate |
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27th April, 2008 Labor slugs pre mixed drinks with a $3 billion excise tax increase |
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5th March, 2008 Labor proposes a $100 levy on all horses to meet disease eradication costs |
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29th February, 2008 Labor Transport Ministers increased truck registration fees by 69% and fuel charges by 1.37 cents per litre, forcing grocery prices and inflation up. |
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22nd February, 2008 Labor imposes increased compliance and collection costs on family trusts |
