Westpac has said that Australia’s new bank levy will cost it around AUD370m (USD275.7m) a year, and warned that “no company can simply ‘absorb’ a new tax.” In a letter to shareholders, Westpac chair Lindsay Maxsted described the tax as “bad public policy.” He said that the Government intends to… – Continue reading
The Australian government has announced that it will back a legislative solution to tax concerns surrounding bitcoin as part of a broad policy statement on financial technology. Under current tax guidance in the country, bitcoin is considered a form of barter rather than a form of money. Australian businesses must… – Continue reading
The Australian Government’s efforts to improve tax collections are more urgent amid falling revenue from weak commodity prices, the Wall Street Journal reports Malcolm Turnbull’s government took the rare step of making public the tax affairs of scores of multinationals, highlighting that many big names—including Apple Inc. and Volkswagen AG… – Continue reading
Australian motor racing legend Alan Jones has become embroiled in the collapse of an online gambling company operated by notorious conman Peter Foster which owes $11.5 million to about 150 investors. The 69-year-old former winner of the Formula One Drivers’ Championship was named in a writ to be lodged in… – Continue reading
Exclusive More than 100 victims of notorious conman Peter Foster have moved to freeze funds held in offshore tax havens after more than $10 million was siphoned from his online gambling company Sports Trading Club. Fairfax Media can reveal Foster and at least eight associates have been served with freezing… – Continue reading
Lacklustre earnings growth, low returns on equity and the explosion of self-managed superannuation schemes could prompt the major banks to sell all or parts of their wealth businesses, global bank Citi predicts. Citi analyst Craig Williams noted that the banks’ wealth arms, largely acquired in the early 2000s, had not… – Continue reading
The Reserve Bank of Australia (RBA) will not intervene in oversight of digital currencies such as bitcoin at the moment, The Australian Business Review reports. In reply to an Australian Senate inquiry, RBA’s representatives said in their opening statement that the limited use of the currency had no discernible impact… – Continue reading
An Australian Senate parliamentary committee hearing on Wednesday was dominated by the fire and brimstone of Labor and Greens politicians directed against tax avoidance by major corporations. Labor Senator Sam Dastyari called on Australian Tax Commissioner Chris Jordan to “name some of Australia’s worst corporate offenders,” declaring that they “should… – Continue reading
Westpac will shut down the accounts of money transfer operators on November 24, due to growing fears about breaching strict terrorism financing and anti-money laundering laws, leaving hundreds of legitimate remitters to developing countries in the lurch. Westpac is the last of the four major banks to withdraw from servicing… – Continue reading
