THE NEWS WRAP: Government mulls tax break for struggling businesses
The federal government is set to propose a major new tax break next week to help businesses suffering from the impacts of the two-speed economy.
According to the Australian Financial Review the initiative will allow companies that have made a loss to claim back tax paid on the previous year’s taxable income.
The proposal, set to aid businesses not swept up in the mining boom, is set to be unveiled at next week’s Tax Forum.
Apple and Samsung face off in Sydney
Apple has claimed in an Australian court that Samsung has infringed its touchscreen technology, in the latest legal battle between the two companies over their respective tablet devices.
Apple is seeking an injunction in the Sydney Federal Court to stop Samsung selling its Galaxy Tab 10.1 in Australia, claiming that it breaches patents.
Marks respond to debt plan
US and European markets rose overnight amid reports that leaders of Eurozone countries are working on a huge rescue package for the continent’s debt crisis.
The plan will shore up banks vulnerable to debt default by Greece and will plough $2.75 trillion into ensuring the debt crisis doesn’t impact on the global economy.
The Dow Jones Industrial Average rose 272.08 points (2.53%) to 11,043.56. The Australian dollar rose to 98.24 US cents.