Skip to main content

Whats up Mr.Henry ?

well  by the looks of it , there will be a lot much  going on , once the Henry  tax review  is released and more importantly the changes that will flow on from there on. When i look above  at this post title ‘Whats up Mr henry ? , it reminds me of this song “sorry Ms jackson – By outcast”

Here comes the Henry tax review

Here are the lyrics ( not)

I'm sorry Ms. Financial advisers [OOOH]
I am for real
Never meant to make your Lot cry cry
I apologize (not )a trillion times ( kevid rudd is backing me Up)
I'm sorry Mssrs.  Property  Investors [OOOH]
I am for real
Never meant to make your bank account dry
I apologize a trillion times

outkast sorry ms jackson australian mr henry review  Tax reforms 2010

well that  sums up what many  are expecting from it  , harsher  laws on property investors  and tighter  rules on financial advisers and  firms. Small business owners are hoping the Henry tax review will slash and simplify business taxes. Speculation is growing in the media the Australian government will look to lift taxes on the mining sector as a result of the Henry Review of the national tax system.

Dr Ken Henry has made it plain he thinks stamp duty is an odious tax that should be done away with - downright unfair and inequitable.

On superannuation, where the present concessional taxing arrangement greatly favours those on higher marginal tax rates (that is, those who already have the greatest capacity to save), the report is likely to recommend arrangements that redirect more of the tax benefit to those on lower marginal rates.

The report will also possibly recommend reform of state taxes. It may propose that steps be taken to harmonise the tax bases (including tax-free thresholds and exemptions) and possibly rates between the states.

It may recommend the removal of stamp duty on insurance policies but it won't recommend removal of stamp duty on conveyancing for as long as the family home is exempt from capital gains tax.

Australia's Future Tax System Review Pane ( The Henry tax reform review)

Federal Treasurer, Wayne Swan. Says “The Henry review tax system was likely to help frame federal budgets over the course of a decade and would be offering no quick fix”. The Government has said it will consider the review and release it in early 2010, along with an initial response.

Since being established in 2008, the Panel provided many opportunities for people to make a submission and engaged with the community through public meetings and focus groups, meetings with representative business and community groups, discussions with other government departments and agencies, and through its tax-transfer policy conference held in June 2009. Around 1,500 formal submissions were received, canvassing a wide-range of issues of concern to the community – an extremely rich source of information which helped the Panel shape its recommendations

So what  comes from this refom we will just have to wait and watch ?

So who is Henry or more specifically Dr.Ken henry ?

Dr henry is the main architect of this Henry tax reform review report of which many of the  suggested  reforms might get implemented. The Treasury secretary's report will lay out a blueprint for the direction of reform over the next 25 years, to act as a guide to governments in their day-to-day decision-making. The big major report before this one in Australia was the “Asprey report of 1975”.  He has been in the tax reform business for a long time” – he was a central player in most of the big tax policy shifts of the past 25 years, and has unparalleled expertise in the area.

secretary ken henry tax reform

Dr Henry was born in Taree NSW on 27 November 1957. He completed a first class honours degree in economics at the University of NSW in 1979. . In September 1984 he returned to Australia, accepting a position in Treasury’s Taxation Policy Division. 

On 27 April 2001, Dr Henry was appointed Secretary to the Treasury. Dr Henry was reappointed for a further 5 years from 27 April 2006. He is an ex-officio member of the Board of Taxation, member of the Board of the Reserve Bank of Australia, Alternate Governor (for Australia) of the International Monetary Fund and Chairman of the Advisory Board of the Australian Office of Financial Management. Dr Henry was awarded a Companion of the Order of Australia General Division (AC) in the Australia Day Honours 2007.

 

Related Links:

http://taxreview.treasury.gov.au/Content/Content.aspx?doc=html/home.htm

http://www.treasury.gov.au/content/secretary.asp?ContentID=346&titl=Secretary%20to%20the%20Treasury

Currency markets says its getting riskier

Insurance sector heats up in Australia with Kmart entering the fray

Google china , Stern Hu and a bad taste in your mouth

The end of reporting season

Is the laggard Anz Going to steal the march on the Big 3 Banks

Popular posts from this blog

Best Australian stock forums online ( finance forums)

Many traders and investors use forums to share ideas, learn from the more experienced, or simply to stave off boredom during long hours at the computer. Here we list the known universe of forums, complete with costs, member numbers, extra benefits and popular forum topics. Please post a message on Your 2 Cents if your favourite forum isn't listed here, or if you feel that there's more to add about the day-to-day goings on in your online community.Forum
Cost
Stock comps
Forum areas
Comments
AussieStockForums.comFreeASX by share code, General, Beginners, Derivatives, Commodities, International, Strategies/SystemsEasy to use, independent forum. Aussie Stock Forums has a group of very active and knowledgeable traders. Private messaging available. Australian forum.
Chimes in ExileFreeASX stocks, fundamental analysis, technical analysis, commodities, economics, investment tools The forum has a small group of regular contributors that form a genuine community of investor…

The diggers and dealers forum meet 2011

The diggers and dealers forum has just begun August 1. Its a three day annual event happening every year  at the WA country town of kalgoorlie.2011 Diggers & Dealers forumBig name brokers  keenly watching the event will be MacquarieDeutsche BankBell PotterGoldman SachsRBS MorgansEvans & PartnersHartleysBlack Swan Euroz.Well most other websites will give you the  finer details of the annual meet and greet that happens at kalgoorlie , so we will just stick with the bare minimum of details  and focus on the more enjoyable bits  of information that the dealers require to strike a good deal while in town.Bare detailsWebsite : Diggers & DealersEvents : Program and scheduleWatering holes and entertainment at Diggers and dealers forumPubs , clubs  and skimpy (barmaids) culture in kalgoorlie . There are about 25 pubs in Kalgoorlie-Boulder area and for a city that stretches just 67sq km the number of pubs makes for  a good choice on drinking holesand entertainmentExchange Hotel ( Pa…

Stock market and High frequency trading

High frequency and computerised trading androgue trading is again  in the news with  trader Mr Adoboli working for UBS  who was arrested at his desk, is alleged to have lost £1.3 billion through his rogue trades  according to the company , now also annoucing that they might go into a loss in this quarter. According to some reports in the media it was said that Mr Adoboli Himself had reported the  trade when the trade went bad before the computers picked up the loss.
Not so long ago in 2008 Jérôme Kerviel, the Paris-based Société Générale trader lost £4 billion in rogue trades, but fought it out in court contesting that the trading firm knew about his trades with large amounts.

High frequency computerised trading in Australia HFT drives the wild swings in global markets and in co-relation influences the local assets, the intensity is expected to rise with online exchange Chi-X to  begin operating in Australia soon with a limited number of stocks in November. The ASX will launch its Pur…