NEWS WRAP: Debt owed to Tax Office soars

Debts owed to the Australian Taxation Office rose by 21% in the last financial year, with debtors more likely to be aggressively chased for payment as the economy improves.Outstanding debt to the ATO rose to $15 billion, although the number of bankruptcies initiated by the tax office fell to 387 during 2009-10.

 

 

Shorten pledges end to tax “upheaval”

 

Bill Shorten, the financial services minister, has said that he wants an end to “tax upheavals” during his tenure in the post. Shorten added that the increase in the compulsory super guarantee from 9% to 12% will be a “delayed wage rise” rather than a tax on business.

 

YouTube CEO stands down

 

Chad Hurley, the co-founder of online video website YouTube, is standing down as CEO of the company. Hurley, who created YouTube with Steve Chen in 2006, oversaw the $1.65 billion sale of the site to search engine giant Google.

 

Markets

 

The Australian dollar opened strongly against the US dollar this morning, lifting to 98.52 cents following a dip at the end of last week.

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