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Taxpayers guilty until proven innocent: govt

The federal government has dismissed the inquiry's recommendation that the onus should be on the ATO to prove an accused taxpayer is guilty.
Nassim Khadem

Small business and individual taxpayers hit with hefty tax bills that they want to dispute will continue to be held guilty until proven innocent, and the Australian Taxation Office won't have its appeals and compliance functions split, the federal government has said.

Morgan Stanley said on Monday that oil prices in the $US20s were possible, especially if the US dollar surges more against other currencies.

Oil plunges as hope fades

Oil futures fell for a sixth session, dropping 6 per cent as Morgan Stanley added to the bearish price outlook.

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David Bowie's role in the GFC

A woman leaves flowers beneath a mural of David Bowie in Brixton.
John McDuling and Peter Martin

David Bowie will go surely down in history as one of the great innovators in pop music, but he was also an innovator in business - and was even seen at one point as having had a prominent role in the global financial crisis.

Apple, Intel pace late rally on Wall St

The S&P 500 surged 1.3 per cent in the final hour to erase a retreat after equities swung between gains and losses.
Joseph Ciolli

The Standard & Poor's 500 Index closed little changed in whipsaw trading, after a late-afternoon rally paced by Apple and Intel.

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The Economy

The cars' guide to Australia

Michael Pascoe
Michael Pascoe

The record number of vehicles sold last year obviously mean the economy wasn't doing nearly as badly as we sometimes liked to tell ourselves.

Retail

Dick Smith CEO quits

Dick Smith CEO Nick Abboud has quit the retailer.
Jessica Gardner

Dick Smith chief executive Nick Abboud has quit a week after the electronics retailer went into receivership with debts of about $390 million.

Banking & Finance

Bank of America slashes costs 34pc

Bank of America has been the most aggressive of the big US banks in slashing costs since the end of the financial crisis.
Dakin Campbell and Elizabeth Dexheimer

The big US banks will report earnings over the next week as they try to boost revenue by slashing costs. Bank of America has cut expenses by 34 per cent since 2010.

Mining & Resources

US shale output slows at a slow rate

If latest data proves true, the decline would take US shale output to 638,000 bpd below the March 2015 peak.

US shale oil production is expected to fall for a seventh month in a row in February, Energy Information Administration data shows.

World Business

Bank of America slashes costs 34pc

Bank of America has been the most aggressive of the big US banks in slashing costs since the end of the financial crisis.
Dakin Campbell and Elizabeth Dexheimer

The big US banks will report earnings over the next week as they try to boost revenue by slashing costs. Bank of America has cut expenses by 34 per cent since 2010.

China

Calm returns after jittery week

It has been a volatile year for China's equity markets.
Brian Robins, Agencies

An uneasy sense of stability returned to China – and regional – markets Friday amid speculation of central bank intervention to support the yuan and in the wake of changes to sharemarket controls which were aimed at easing selling by investors.

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Small Business

Paying the GST piper 

Max Newnham
Max Newnham

What happens when you have ceased trading but you appear to still owe GST?

Business Video

Quiet end to volatile session

Stocks came back from heavy intraday losses brought on by a plunge in oil prices.

Duration
01:06