The Australian Taxation Office (ATO) has released its Taxation statistics 2009-10 report, providing a comprehensive statistical publication on tax in the country.

The highlights of the report include:

Personal tax:

  • For 2009-10, 12.4 million individuals lodged income tax returns, and a record 2.35 million individuals lodged using e-tax.
  • Total income for individuals rose by 3.7% to $606 billion; whilst total deductions claimed fell to just under $30 billion, 6.1% less than 2008-09. Work-related expenses accounted for more than half of these deductions, with 66% of individuals claiming this form of deduction.
  • Gross rental income increased by $2 billion to $28 billion, leading to a reduction in rental losses (negative net rental income) of 26.3% to $4.8 billion.
  • The number of individuals reporting a net capital gain increased by 4.5% to 541,898, whilst their subsequent amount of net capital gain increased by $0.6 billion to $11.0 billion.
  • Higher education loan program (HELP) debt increased by $2 billion to a total of $19.9 billion.
  • Individuals were liable for $120 billion in net tax, 4% more than in 2008-09.

The Reserve Bank of Australia (RBA) has cut the country’s official cash rate by 50 basis points, bringing the country’s interest rate to 3.75 per cent.

The Federal Government has released legislation for public consultation that will see superannuation funds be obliged to disclose executive remuneration information.

A new report published by the Australian Council of Social Services (ACOSS) has identifies around $8 billion in budgetary savings if the Government clamps down on tax loopholes.

The Macquarie group has posted its full year profit for the year ended this March, recording a net profit after tax of $720 million, down 24 per cent on last year.

The ANZ Bank has announced two senior Research appointments in a bid to further expand the company’s research product offering to its customer base.

The first interim report of the independent GST Distribution Review has been published.

The Federal Government has released a discussion paper on high cost, small amount loans, commonly referred to as ‘payday loans’.

Superfund members will benefit from the Federal Government tax relief that enables superfunds to merge without triggering adverse tax consequences that would hit members' savings, according to estimates released by the Government.

Commercial and consumer data intelligence specialist Veda has released its quarterly Consumer Credit Demand Index for the first quarter of 2012, showing a continued decline in consumer credit demand.

The Consumer Price Index (CPI) increased 0.1% in the March quarter 2012, compared with no change in the December quarter 2011.

Global recruitment specialist Hays has released its quarterly report into recruitment trends for the April – June 2012 quarter.

Global recruitment specialist Hays has released its quarterly report into recruitment trends for the April – June 2012 quarter.

Global recruitment specialist Hays has released its quarterly report into recruitment trends for the April – June 2012 quarter.

Focus Minerals Ltd., a leading Australian gold producer and explorer, has announced the appointment of Paul Fromson as the Company’s new Chief Financial Officer and Company Secretary following the resignation of current CFO Jon Grygorcewicz.

The Federal Government has released an exposure draft of amendments that will implement changes to income tax law affecting consolidated groups.

The Federal Government has released the final report of the Council of Financial Regulators (CFR), outlining the proposed next steps towards fully implementing Australia's G20 commitment to improve risk management and reduce systemic risk in the 'over-the-counter' (OTC) markets for financial derivative products.

The Federal Government has released draft legislation aimed at helping protect worker's superannuation entitlements.

Western Australians have joined the country's biggest series of class actions to fight against unfair bank fees, with Maurice Blackburn Lawyers filing a further claim in the Federal Court against Bankwest on behalf of more than 6,500 customers.

The Bank of Queensland has released its official results for the first half of the financial year, with the company posting a $90.6 million loss.

The IMF's World Economic Outlook (WEO) confirms that our economic fundamentals are strong with the Australian economy expected to outperform every major advanced economy over the next two years.

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