On 10 August The Tax Institute was quoted in SmartCompany: ‘Clever cuts? R&D experts fuming as reports hint R&D limits could fund tax cuts’ regarding a paper by the Business Tax Working Group recommending cutting the company tax rate. In the article we say that a legitimate discussion on the details of the report should be had over the effectiveness of the tax concessions.
On 13 August we were again quoted in SmartCompany: ‘Small business hit by Tax Office delays on R&D payments’ regarding new rules surrounding small businesses receiving payments for research and development from the ATO. In the article we would encourage the ATO to provide guidance to taxpayers as soon as they can which would allow taxpayers to determine if they are eligible.
Also on 13 August, the Australian Financial Review published an opinion piece from The Tax Institute: ‘Long term view needed on company tax cut’. In the piece we support reducing the company tax to deliver economy-wide benefits that are necessarily in the national interest.
We were also quoted in The Australian on 14 August: ‘Swan to model corporate cuts’ in relation to the Business Tax Working Group’s recommendation to cut the company tax rate.
On 14 August Robert Jeremenko was also interviewed by Sky Business TV regarding the Business Tax Working Group’s recommendation to cut the company tax rate.
On 15 August we were again quoted in The Australian: ‘Industry warns against transfer pricing bill to backdate tax’ regarding the Senate Economics Committee recommending that the Parliament pass the transfer-pricing bill that backdates changes to 2004. In the article we say that this is another step in the whole sorry retrospectivity saga and that the government has become addicted in recent months to retrospective tax legislation to prop up its budget surplus.
On 16 August, we were quoted extensively in the Australian Financial Review: ‘Holes exposed in laws to restrict ‘living away’ perks’ regarding the House of Representatives Standing Committee on Economics’ report which recommended several changes to the bill tightening the application of the ‘living-away-from-home’ benefits. In the article, we say that in its rush to ensure the Budget surplus is maintained, the government has presented a deficient bill to Parliament that is full of holes.
We were also quoted in The Australian: ‘Call to redraft Labor ‘living-away’ perk bill’ in which we say the Committee have effectively told the government to go back to the drawing board and completely redraft the fundamental tax basis on which the bill has been drafted.
Also on 16 August, we were quoted in the Australian Financial Review: ‘Business tax cut not dead yet: experts’ regarding the proposed cut to the company tax rate contained in the government’s Business Tax Working Group paper that was released earlier this week. In the article, we called on companies to embrace the opportunity to consider the possibility of removing some existing business tax concessions to fund a cut in the company tax rate which would be in the national interest.