Archived News for Finance Sector Professionals

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.

RBA slashes rates

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.

Super funds to disclose executive information

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

ACOSS urges Government to trim $8 billion in subsidies

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.

Macquarie posts profit results

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.

ANZ announces appointments

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.

Government releases GST distribution review interim report

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

Government releases payday loan discussion paper

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

Superfund mergers help lower fees

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.

Vada releases credit index

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.

CPI increases 0.1%

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

Hays Quarterly Report: Accountancy & Finance - Commerce & Industry

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

Hays Quarterly Report: Accountancy & Finance - Public and Private Sector

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

Hays Quarterly Report: Hays Accountancy & Finance - Financial Services

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

Australia's leading gold producer and explorer announces new CFO

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.

Draft released for tax law affecting consolidated groups

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

Government releases final CFR report

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.