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Australian Treasury
The Morrison Government will take action to avoid Australia being designated a harmful tax regime by the OECD and the European Union by introducing legislation into the Parliament to reform Australia’s Offshore Banking Unit (OBU).
The OBU, established in 1992, provides a more attractive tax rate for offshore banking activity conducted by Australian registered banks.
In October 2018 the OECD’s Forum on Harmful Tax Practices (FHTP) raised concerns during a review of this regime, including the concessional tax rate and the ring-fenced nature of the regime.
In response, the Government amend the OBU to address these concerns by removing the preferential tax rate and closing the regime to new entrants.
MacroBusiness
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at 11:40 am on March 12, 2021 | 2 comments
The Tourism & Transport Forum has welcomed the federal government’s decision to subsidise 800,000 airfares, but warns that it will not be sufficient to preserve jobs across the broader tourism industry. It has called for a dedicated wage subsidy to come into effect until international travel resumes.
It is a theme echoed by Cairns Adventure Group Director Roderic Rees, who appeared on Sky News yesterday calling for a wage subsidy to lift employee confidence so that businesses can “ride out the quiet times” and hold on to their “key specialised staff”. According to the interview (video below):
Australian Treasury
The Morrison Government has appointed the Hon Nick Minchin AO as the Independent Reviewer under the Food and Grocery Code for a three-year period.
Earlier this year the Government enhanced the Code to strengthen commercial dealings between Code signatories and their suppliers.
Changes to the Code were designed to promote fairer and more transparent dealings between suppliers and major supermarkets and wholesalers, as well as establishing of the Independent Reviewer’s role.
The Independent Reviewer is a part-time appointment and will oversee the Code’s dispute resolution process, while championing its protections to improve commercial practices within the food and grocery industry.