Captains of industry, unions sit at economic roundtable
"Productivity growth is the best way to sustainably lift living standards for all Australians, which is why it is critical that there is constructive engagement between all stakeholders," Mr Black said.
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The Advertiser
12 hours ago
- The Advertiser
Australians warned to not jump the gun on tax return
Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person.
Perth Now
12 hours ago
- Perth Now
Australians warned to not jump the gun on tax return
Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person.
The Advertiser
15 hours ago
- The Advertiser
Lower energy use just the beginning for retail giant
Major Australian and New Zealand retailers are primed for an energy switch following millions of dollars in federal funding to decarbonise their services. Wesfarmers, who own shops like Officeworks, Bunnings, Kmart and Coles will finance rooftop solar, battery storage, a vehicle smart charging pilot and other efficiency initiatives across stores. This comes from a $100 million commitment from government-backed Clean Energy Finance Corporation, labelled Australia's specialist climate investor. It means Wesfarmers will be able to manage energy consumption across its retail sites and make them more efficient through storage. These installed or upgraded facility changes are expected to be in effect by the end of 2025. "We have long managed our businesses with climate and carbon awareness and we are committed to continuing to take action to reduce our impact on the environment," Wesfarmers CFO Anthony Gianotti said. A study to accelerate decarbonisation across stores will also be undertaken under the funding envelope. Adopting these initiatives is a "practical and speedy" way to cut the organisations carbon footprint, the climate investor's CEO Ian Learmonth said. "Many Australians would have enjoyed a Bunnings Saturday sausage sizzle or taken the path to Officeworks for those back-to-school necessities," he said. "At selected sites they will soon be able to add vehicle charging to their store visits while enjoying solar-powered air conditioning." Australia's retail sector accounts for 50 per cent of energy use in the commercial property sector and five per cent of the nation's greenhouse gas emissions. Batteries, virtual power plants and electric vehicles can reduce grid demand through co-ordination of their charging and discharging, the Australian Energy Market Operator said. Federal energy minister Chris Bowen said the partnership will drive down emissions and lower energy costs, while providing knock-on benefits to households. "This boost in finance by the Clean Energy Finance Corporation will accelerate Wesfarmers' efforts to reduce its carbon footprint, make the shift to cleaner and cheaper energy and better manage energy use," he said. Major Australian and New Zealand retailers are primed for an energy switch following millions of dollars in federal funding to decarbonise their services. Wesfarmers, who own shops like Officeworks, Bunnings, Kmart and Coles will finance rooftop solar, battery storage, a vehicle smart charging pilot and other efficiency initiatives across stores. This comes from a $100 million commitment from government-backed Clean Energy Finance Corporation, labelled Australia's specialist climate investor. It means Wesfarmers will be able to manage energy consumption across its retail sites and make them more efficient through storage. These installed or upgraded facility changes are expected to be in effect by the end of 2025. "We have long managed our businesses with climate and carbon awareness and we are committed to continuing to take action to reduce our impact on the environment," Wesfarmers CFO Anthony Gianotti said. A study to accelerate decarbonisation across stores will also be undertaken under the funding envelope. Adopting these initiatives is a "practical and speedy" way to cut the organisations carbon footprint, the climate investor's CEO Ian Learmonth said. "Many Australians would have enjoyed a Bunnings Saturday sausage sizzle or taken the path to Officeworks for those back-to-school necessities," he said. "At selected sites they will soon be able to add vehicle charging to their store visits while enjoying solar-powered air conditioning." Australia's retail sector accounts for 50 per cent of energy use in the commercial property sector and five per cent of the nation's greenhouse gas emissions. Batteries, virtual power plants and electric vehicles can reduce grid demand through co-ordination of their charging and discharging, the Australian Energy Market Operator said. Federal energy minister Chris Bowen said the partnership will drive down emissions and lower energy costs, while providing knock-on benefits to households. "This boost in finance by the Clean Energy Finance Corporation will accelerate Wesfarmers' efforts to reduce its carbon footprint, make the shift to cleaner and cheaper energy and better manage energy use," he said. Major Australian and New Zealand retailers are primed for an energy switch following millions of dollars in federal funding to decarbonise their services. Wesfarmers, who own shops like Officeworks, Bunnings, Kmart and Coles will finance rooftop solar, battery storage, a vehicle smart charging pilot and other efficiency initiatives across stores. This comes from a $100 million commitment from government-backed Clean Energy Finance Corporation, labelled Australia's specialist climate investor. It means Wesfarmers will be able to manage energy consumption across its retail sites and make them more efficient through storage. These installed or upgraded facility changes are expected to be in effect by the end of 2025. "We have long managed our businesses with climate and carbon awareness and we are committed to continuing to take action to reduce our impact on the environment," Wesfarmers CFO Anthony Gianotti said. A study to accelerate decarbonisation across stores will also be undertaken under the funding envelope. Adopting these initiatives is a "practical and speedy" way to cut the organisations carbon footprint, the climate investor's CEO Ian Learmonth said. "Many Australians would have enjoyed a Bunnings Saturday sausage sizzle or taken the path to Officeworks for those back-to-school necessities," he said. "At selected sites they will soon be able to add vehicle charging to their store visits while enjoying solar-powered air conditioning." Australia's retail sector accounts for 50 per cent of energy use in the commercial property sector and five per cent of the nation's greenhouse gas emissions. Batteries, virtual power plants and electric vehicles can reduce grid demand through co-ordination of their charging and discharging, the Australian Energy Market Operator said. Federal energy minister Chris Bowen said the partnership will drive down emissions and lower energy costs, while providing knock-on benefits to households. "This boost in finance by the Clean Energy Finance Corporation will accelerate Wesfarmers' efforts to reduce its carbon footprint, make the shift to cleaner and cheaper energy and better manage energy use," he said. Major Australian and New Zealand retailers are primed for an energy switch following millions of dollars in federal funding to decarbonise their services. Wesfarmers, who own shops like Officeworks, Bunnings, Kmart and Coles will finance rooftop solar, battery storage, a vehicle smart charging pilot and other efficiency initiatives across stores. This comes from a $100 million commitment from government-backed Clean Energy Finance Corporation, labelled Australia's specialist climate investor. It means Wesfarmers will be able to manage energy consumption across its retail sites and make them more efficient through storage. These installed or upgraded facility changes are expected to be in effect by the end of 2025. "We have long managed our businesses with climate and carbon awareness and we are committed to continuing to take action to reduce our impact on the environment," Wesfarmers CFO Anthony Gianotti said. A study to accelerate decarbonisation across stores will also be undertaken under the funding envelope. Adopting these initiatives is a "practical and speedy" way to cut the organisations carbon footprint, the climate investor's CEO Ian Learmonth said. "Many Australians would have enjoyed a Bunnings Saturday sausage sizzle or taken the path to Officeworks for those back-to-school necessities," he said. "At selected sites they will soon be able to add vehicle charging to their store visits while enjoying solar-powered air conditioning." Australia's retail sector accounts for 50 per cent of energy use in the commercial property sector and five per cent of the nation's greenhouse gas emissions. Batteries, virtual power plants and electric vehicles can reduce grid demand through co-ordination of their charging and discharging, the Australian Energy Market Operator said. Federal energy minister Chris Bowen said the partnership will drive down emissions and lower energy costs, while providing knock-on benefits to households. "This boost in finance by the Clean Energy Finance Corporation will accelerate Wesfarmers' efforts to reduce its carbon footprint, make the shift to cleaner and cheaper energy and better manage energy use," he said.
