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22 December 2024
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Since Federation, reforms to our tax system have proven difficult. Yet they're too important to leave in the too-hard basket, and here's a look at the key ingredients that make a tax reform exercise work, or not.
While there have been numerous tax reviews at the Commonwealth and state levels, most have not resulted directly in substantive tax reforms. This two-part series looks at that history and explores the pathway forward.
The distortions in our tax system have been ignored for too long, and we're now paying the price. It's time Australia got real and addressed the problems to prevent an even greater intergenerational tragedy.
Realistically, the Government had to amend the stage 3 tax cuts. The current state of the economy is far different from when the Coalition tabled the tax cuts in 2019, which provided impetus for the changes.
There’s no good news in the draft legislation for 'Division 296 tax', the new name for the tax on super over $3 million. These worked examples show the flaw in taxing unrealised gains. And stop calling it a 30% tax.
The ATO Commissioner called large super balances "accidents of history" but the industry has rolled over on a $5 million cap. Wealth compounds remarkably over decades and long-term saving should be encouraged.
At some point, politicians will debate how to reduce the national debt and implement measures aimed at simultaneously easing budget pressures while reducing the gap between rich and poor. Investors should be ready.
COVID-19 is an opportunity for a crucial policy reset, but what does that really mean? Business is hoping for three big reforms, but there are massive barriers to be overcome.
Estimates of the cost savings from abolishing negative gearing are overstated because the property becomes positively geared and incurs capital gains tax on sale, and allowing it on new homes only is dangerous.
Major reform of Australia's tax laws hits a hurdle when opposition builds to unpopular policies. We have lost the ability to explain and advocate for change, especially when you look at global comparisons.
The current review of Australia’s tax system should also address the inequity of payroll tax, which for some businesses, discourages job growth and stifles the ability to compete on a level playing field.
A look at some misconceptions around superannuation, negative gearing and capital gains tax and suggested ways to make our tax system fairer through better tax reform. It's a debate we need to have.
It’s with heavy hearts that we announce Firstlinks’ co-founder and former Managing Editor, Graham Hand, has died aged 66. Graham was a legendary figure in the finance industry and here are three tributes to him.
Last year, I wrote an article suggesting returns from ASX stocks would trample those from housing over the next decade. One year later, this is an update on how that forecast is going and what's changed since.
Australia is in the early throes of an intergenerational wealth transfer worth an estimated $3.5 trillion. Here's a case study highlighting some of the challenges with transferring wealth between generations.
The Future Fund's original purpose was to meet the unfunded liabilities of Commonwealth defined benefit schemes. These liabilities have ballooned to an estimated $290 billion and taxpayers continue to be treated like fools.
ASFA provides a key guide for how much you will need to live on in retirement. Unfortunately it has many deficiencies, and the averages don't tell the full story of the growing gender superannuation gap.
The Big Four banks have had an extraordinary run and it’s left income investors with a conundrum: to stick with them even though they now offer relatively low dividend yields and limited growth prospects or to look elsewhere.