Fundamental Tax Legislation [24th Edition]

Fundamental Tax Legislation 2016 contains the essential provisions from the primary legislation that affects Australia's taxation system. Updated and expanded for changes which occurred in 2015, this volume is an indispensable reference for undergraduate and postgraduate students of taxation. The Year in Review section has been updated to summarise the main legislative developments in taxation over the previous 12 months, a listing of the passage of tax related legislation during the last year and the inclusion of reference statistics (such as CPI quarterly figures and individual tax rates for residents and foreign residents). Also fully updated and revised to reflect the changes in 2015 is the Tax Rates and Tables section, which contains an accessible summary of the main tax rates and tables that students will need to refer to for their tax studies.

Urban growth dilemmas and solutions in China: Looking forward to 2030

China’s urbanization and industrialization are occupying farmland in large amounts, which is strongly driven by land finance regime. This is due to the intensified regional/local competition for manufacturing investment opportunities that push local governments to expropriate farmland at low prices while lease land at high market value to property developers. The additional revenue obtained in this way, termed financial increment in land values, can drive local economic growth, and provide associated infrastructure and other public services. At the same time, however, a floating population of large numbers of inadequately compensated land-lost farmers, although unable to become citizens, have to migrate into the urban areas for work, causing overheated employment and housing markets, with rocketing unaffordable housing prices. This, together with various micro factors relating to the party/state’s promotion/evaluation system play an essential role leading to some serious economic, environment and social consequences, e.g., on migrant welfare, the displacement of peasants and the loss of land resources that requires immediate attention. Our question is: whether such type of urbanization is sustainable? What are the mechanisms behind such a phenomenal urbanization process? From the perspective of institutionalism, this paper aims to investigate the institutional background of the urban growth dilemma and solutions in urban China and to introduce further an inter-regional game theoretical framework to indicate why the present urbanization pattern is unsustainable. Looking forward to 2030, paradigm policy changes are made from the triple consideration of floating population, social security and urban environmental pressures. This involves: (1) changing land increment based finance regime into land stock finance system; (2) the citizenization of migrant workers with affordable housing, and; (3) creating a more enlightened local government officer appraisal system to better take into account societal issues such as welfare and beyond.

Tax Reform and Payout Policy:Do Shareholder Clienteles or Payout Policy Adjust?

Changes in taxation of corporate dividends offer excellent opportunities to study dividend clientele effects. We explore payout policies and ownership structures around a major tax reform that took place in Finland in 2004. Consistent with dividend clienteles affecting firms’ dividend policy decisions, we find that Finnish firms altered their dividend policies based on the changed tax incentives of their largest shareholders. While firms adjust their payout policies, our results also indicate that ownership structures of Finnish firms also changed around the 2004 reform, consistent with shareholder clienteles adjusting to the new tax system.

Tax havens and their impacts on the non-haven countries

Tax havens have attracted increasing attention from the authorities of non-haven countries. The financial crisis exacerbates the negative attitude to tax havens. Offshore zones are now under strong pressure from the international, both financial and political institutions. Thus, the thesis will focus on the current problem of the modern economy, namely tax havens and their impact on the non-haven countries. This thesis will be based on the several articles, in particular “Tax Competition With Parasitic Tax Havens” by Joel Slemrod and John D. Wilson (University of Michigan, 2009) and “Do Havens Divert Economic Activity” by James R. Hines Jr., C. Fritz Foley and Mihir A. Desai (Ross School of Business, 2005). This paper provides two completely different and contradictory viewpoints on the problem of coexisting tax havens and non-haven countries. There are two models, examined in this work, present two important researches. The first one will be concentrated on the positive effect from tax havens whereas the last model will be focused on the completely negative effect from offshore jurisdictions. The first model gives us a good explanation and proof of its statement why tax havens can positively influence on nearby high-tax countries. It describes that the existence of offshore jurisdictions can stimulate the growth of operations and facilitates economic activity in non-haven countries. In contrast to above mentioned, the model with quite opposite view was presented. This economic model and its analysis confirms the undesirability of the existence of offshore areas. Taking into consideration, that the jurisdictions choose their optimal policy, the elimination of offshores will have positive impact on the rest of countries. The model proofs the statement that full or partial elimination of tax havens raises the equilibrium level of the public good and increases country welfare. According to the following study, it can be concluded that both of the models provide telling arguments to prove their assertions. Thereby both of these points of view have their right to exist. Nevertheless, the ongoing debate concerning this issue still will raise a lot of questions.

Effect of Short Duration of Load increment on the Compressibility of Soils

This study concerns the effect of duration of load increment (up to 24 h) on the consolidation properties of expansive black cotton soil (liquid limit = 81%) and nonexpansive kaolinite (liquid limit = 49%). It indicates that the amount and rate of compression are not noticeably affected by the duration of loading for a standard sample of 25 mm in height and 76.2 mm in diameter with double drainage. Hence, the compression index and coefficient of consolidation can be obtained with reasonable accuracy even if the duration of each load increment is as short as 4 h. The secondary compression coefficient (C-alpha epsilon) for kaolinite can be obtained for any pressure range with 1/2 h of loading, which, however, requires 4 h for black cotton soil. This is because primary consolidation is completed early in the case of kaolinite. The paper proves that the conventional consolidation test can be carried out with much shorter duration of loading (less than 4 h) than the standard specification of 24 h or more even for remolded fine-grained soils.

Second-best tax policy in a growing economy with externalities

This paper investigates the exploitation of environmental resources in a growing economy within a second-best scal policy framework. Agents derive utility from two types of consumption goods one which relies on an environmental input and one which does not as well as from leisure and from environmental amenity values. Property rights for the environmental resource are potentially incomplete. We connect second best policy to essential components of utility by considering the elasticity of substitution among each of the four utility arguments. The results illustrate potentially important relationships between environmental amentity values and leisure. When amenity values are complementary with leisure, for instance when environmental amenities are used for recreation, taxes on extractive goods generally increase over time. On the other hand, optimal taxes on extractive goods generally decrease over time when leisure and environmental amenity values are substitutes. Unders some parameterizations, complex dynamics leading to nonmonotonic time paths for the state variables can emerge.

Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

Financing And Cooperation For Sustainable Development In The Mediterranean, Sophia Antipolis, France, 3-4 June 2004: Volume II: Technical Report of the Workshop

(263 page document)

Strategic planning for long-term financing of Pacific leatherback conservation and recovery:Proceedings of the Bellagio Sea Turtle Conservation Initiative, Terengganu, Malaysia; July 2007

On 17-20 July 2007, 45 experts on sea turtles, fisheries, conservation and finance from 10 countries convened at the Bellagio Sea Turtle Conservation Initiative workshop in Terengganu to focus on methods to save the imperiled Pacific leatherback from extinction. The group developed a strategic plan to guide the prioritization and long term financing of Pacific leatherback turtle conservation and recovery objectives. Participants identified critical conservation actions and agreed that a business plan is urgently needed to reverse the trajectory towards extinction of the Pacific leatherback. The conservation actions prioritized by the participants encompassed protecting nesting beaches including eggs and nesting females; reducing direct and indirect turtle take in coastal fisheries; and strengthening regional and sub-regional cooperation. The group committed to work together on fundraising and implementation of these urgent conservation actions. This report presents outputs and the plan that was produced from the workshop.

Tax-Based Fisheries Management: The Case Study Of The Cantabrian Anchovy Fishery

A dynamic optimisation framework is adopted to show how tax-based management systems theoretically correct the inefficient allocation of fishing resources derived from the stock externality. Optimal Pigouvian taxes on output (τ) and on inputs (γ) are calculated, compared and considered as potential alternatives to the current regulation of VIII division Cantabrian anchovy fishery. The sensibility analysis of optimal taxes illustrates an asymmetry between (τ) and (γ) when cost price ratio varies. The distributional effects also differ. Special attention will be paid to the real implementation of the tax-based systems in fisheries.

An increment technique for estimating growth parameters of tropical tunas, as applied to yellowfin tuna (Thunnus albacares)

ENGLISH: The rate of growth of tropical tunas has been studied by various investigators using diverse methods. Hayashi (1957) examined methods to determine the age of tunas by interpreting growth patterns on the bony or hard parts, but the results proved unreliable. Moore (1951), Hennemuth (1961), and Davidoff (1963) studied the age and growth of yellowfin tuna by the analysis of size frequency distributions. Schaefer, Chatwin and Broadhead (1961), and Fink (ms.), estimated the rate of growth of yellowfin tuna from tagging data; their estimates gave a somewhat slower rate of growth than that obtained by the study of length-frequency distributions. For the yellowfin tuna, modal groups representing age groups can be identified and followed for relatively long periods of time in length-frequency graphs. This may not be possible, however, for other tropical tunas where the modal groups may not represent identifiable age groups; this appears to be the case for skipjack tuna (Schaefer, 1962). It is necessary, therefore, to devise a method of estimating the growth rates of such species without identifying the year classes. The technique described in this study, hereafter called the "increment technique", employs the measurement of the change in length per unit of time, with respect to mean body length, without the identification of year classes. This technique is applied here as a method of estimating the growth rate of yellowfin tuna from the entire Eastern Tropical Pacific, and from the Commission's northern statistical areas (Areas 01-04 and 08) as shown in Figure 1. The growth rates of yellowfin tuna from Area 02 (Hennemuth, 1961) and from the northern areas (Davidoff, 1963) have been described by the technique of tracing modal progressions of year classes, hereafter termed the "year class technique". The growth rate analyses performed by both techniques apply to the segment of the population which is captured by tuna fishing vessels. The results obtained by both methods are compared in this report. SPANISH: La tasa del crecimiento de los atunes tropicales ha sido estudiada por varios investigadores quienes usaron diversos métodos. Hayashi (1957) examinó los métodos para determinar la edad de los atunes interpretando las marcas del crecimiento de las partes óseas o duras, pero los resultados no han demostrado eficacia. Moore (1951), Hennemuth (1961) y Davidoff (1963) estudiaron la edad y el crecimiento del atún aleta amarilla por medio del análisis de las distribuciones de la frecuencia de tamaños. Schaefer, Chatwin y Broadhead (1961) y Fink (Ms.), estimaron la tasa del crecimiento del atún aleta amarilla valiéndose de los datos de la marcación de los peces; ambos estimaron una tasa del crecimiento algo más lenta que la que se obtiene mediante el estudio de las distribuciones de la frecuencia de longitudes. Para el atún aleta amarilla, los grupos modales que representan grupos de edad pueden ser identificados y seguidos durante períodos de tiempo relativamente largos en los gráficos de la frecuencia de longitudes. Sin embargo, ésto puede no ser posible para otros atunes tropicales para los cuales los grupos modales posiblemente no representan grupos de edad identificables; este parece ser el caso para el barrilete (Schaefer, 1962). Consecuentemente, es necesario idear un método para estimar las tasas del crecimiento de las mencionadas especies sin necesidad de identificar las clases anuales. La técnica descrita en este estudio, en adelante llamada la "técnica incremental", emplea la medida del cambio en la longitud por unidad de tiempo, con respecto al promedio de la longitud corporal, sin tener que identificar las clases anuales. Esta técnica se aplica aquí como un método para estimar la tasa del crecimiento del atún aleta amarilla de todo el Pacífico Oriental Tropical, y de las áreas estadísticas norteñas de la Comisión (Areas 01-04 y 08), como se muestra en la Figura 1. Las tasas del crecimiento del atún aleta amarilla del Area 02 (Hennemuth, 1961) y de las áreas del norte (Davidoff, 1963), han sido descritas por medio de una técnica que consiste en delinear las progresiones modales de las clases anuales, en adelante llamada la "técnica de la clase anual". Los análisis de la tasa del crecimiento llevados a cabo por ambas técnicas se refieren al segmento de la población capturada por embarcaciones pesqueras de atún. Los resultados obtenidos por ambos métodos se comparan en este informe.

Credit financing of aquaculture programmes -- a review

A discussion is presented on the role of credit financing in the development of aquaculture programmes in Nigeria. The constraints militating against credit availability to aquaculture vis-a-vis the competition between aquaculture and other agricultural and industrial sectors for the allocation of available credit facilities are examined. Possible ways of enhancing preferential allocation of capital to the aquaculture industry from the various sources of credit available to the Nigerial agricultural economy are suggested