Today's Headlines
Rich pickings uncover $275m extra for Tax Office
The Australian Taxation Office is now targeting individuals worth $5 million and above in the search for undeclared income. In the past $30 million was taken as the starting point. The ATO has also signed information swapping arrangements with two dozen tax havens to boost its capabilities to identify people hiding money to evade taxation. There is a voluntary disclosure program running until June 30 under which people who declare previously concealed offshore income will receive reduced penalties.Australian Financial Review, John Kehoe
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Tanner flags more savings
Finance Minister Lindsay Tanner yesterday said that the Federal budget of May 11 will contain savings beyond the $5.4 billion needed to cover the cost of the health reform package that almost all the state governments agreed to. Mr Tanner said the 2008 budget included $33 billion in savings and the 2009, $22 billion. The decision this week to cancel the $2.5 billion home insulation program will contribute to the savings, as will the reduction from 260 to 38 of new childcare centres to be built.
Australian Financial Review, Adrian Rollins top
Super funds back exec pay reform
Australian Federal Government reforms affecting executive pay will come into effect on July 1, 2011. The changes will prevent executives from voting for their own pay packages and there is a draft plan to oblige executives to return bonuses based on data that was materially misstated. The Australian Council of Superannuation Investors chief executive Anne Byrne yesterday said the changes supported the interests of shareholders and allowed improved management of conflicts of interests. Australian Financial Review, Patrick Durkin
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Treasurer accused of misleading parliament over Lotteries sale
Eric Roozendaal, New South Wales Treasurer, told the Legislative Council that there have been no complaints from by unsuccessful bidders over the sale of NSW Lotteries. Shadow treasurer Mike Baird has accused Mr Roozendaal of misleading parliament, as a letter from law firm Baker McKenzie was sent on March 17 raising concerns over the issue of unclaimed prizes. Although the successful bid from Tatts included provision for unclaimed prizes, other bidders claim they were told that unclaimed prizes were not part of the agreement.Sydney Morning Herald, Andrew Clennell
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Roxon ‘wasting her time with GST arguments’
Western Australian Premier Colin Barnett has dismissed Federal Health Minister Nicola Roxon’s attempt to convince him to hand over 30 percent of the state’s Goods and Services Tax to fund the commonwealth’s health scheme. Mr Barnett yesterday said Ms Roxon was “wasting her time” as discussions over the GST was “not her responsibility.” Australian, Nicolas Perpitch
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Business Today
Shares issues deliver bumper returns
The executive chairman of precious metals and coal explorer Aquila Resources, Tony Poli, has defended a contentious business strategy that offers significant equity benefits to executives during capital raisings. Mr Poli, who has appeared on the Business Review Weekly Rich List, nearly doubled his share wealth last Christmas when he received Aquila stocks worth about $370 million free of charge. Mr Poli yesterday claimed that it would be discriminatory if directors did not receive their entitlements.Australian Financial Review, John Stensholt top
Wesfarmers cautious as consumers trade down
Diversified company Wesfarmers yesterday reiterated that its turnaround of the Coles, Bunnings and Target stores was on track, despite dwindling sales reported for the three months to 28 March 2010. Wesfarmers group finance director Terry Bowen said the business was upbeat about long-term prospects due to improvements at the company and in the economy.Australian Financial Review, Nabila Ahmed and Sue Mitchell
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BHP’s Cambodian queries
The Australian Securities and Investments Commission yesterday confirmed that it was holding discussions with mining company BHP Billiton over a United States Securities and Exchange Commission investigation into accusations of corruption in the Asia-Pacific region. SEC is currently examining an allegation from non-government organisation Global Witness that BHP paid US$2.5 million to the Cambodian Government in return for a mining concession.Australian Financial Review, Jackie Range with Patrick Durkin, Jamie Freed and Ayesha de Kretser
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Diageo’s a bottler, after all
The Australian Securities and Investments Commission yesterday confirmed that it was holding discussions with mining company BHP Billiton over a United States Securities and Exchange Commission investigation into accusations of corruption in the Asia-Pacific region. SEC is currently examining an allegation from non-government organisation Global Witness that BHP paid US$2.5 million to the Cambodian Government in return for a mining concession.Australian Financial Review, Jackie Range with Patrick Durkin, Jamie Freed and Ayesha de Kretser
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Coal giants and gas firms set for clash
A plan to bolster coal seam gas production in Queensland is expected to face delays as competition grows between CSG producers and coalminers over the usage of acreage. Mining companies BHP Billiton and Vale were yesterday rumoured to have expressed concern over disputes concerning exploration tenements shared with CSG producers, and asked for legislation to be amended. The rules state that the Queensland Government must make a ruling when overlapping claims cannot be negotiated. Australian, Matt Chambers
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