THE NEWS WRAP: Wayne Swan targets lower company tax rate to 25 cents in the dollar
By Oliver Milman
Labor has pledged its support for apprentice and trainee training by Fair Work Australia, which could eliminate the concept of pay based on seniority.
It is hoped that the decision, to support wages based on competency rather than years in training, will attract older people into trades facing severe skills shortages.
Fair Work Australia is currently considering at what level to set minimum wages for some of Australia’s lowest paid workers.
Swan targets 35% company tax rate
Wayne Swan has said that he may take on a key Henry Tax Review recommendation and lower the company tax rate to 25 cents in the dollar.
The Federal Treasurer said that Australia currently doesn’t “have the revenues” to cut the tax rate for small businesses beyond the one percentage point reduction to 29% in 2012-13. However, he said that the 25% rate was an “objective” to work towards.
Latest Facebook legal bid denied
Cameron and Tyler Winklevoss have failed in their latest legal challenge to Facebook founder Mark Zuckerberg, who they claim stole the idea for the social networking site from them.
A Federal appeals court in the US has rejected a request to review the case. The Winklevoss twins agreed a $65 million settlement with Facebook in 2008, but have since claimed they are owed more.
The Dow Jones Industrial Average was down 47.38 points to 12,548. The Australian dollar was up to 105.86 US cents.
Share This page :
- Retail industry bodies welcome suggested rezoning
- Sydney's Hyde Park penthouse sells for discount due to $142,000 annual strata levy
- Canada Pension invests in US apartments as US property ownership declines
- Friday Form Guide: Potential yields of 4.4% in Glenroy
- The 7 must-know numbers of the week