Analyzing Financial And Taxation Environment For Western Sydney Airport

Background of Western Sydney Airport

Question:

Discuss about the Impact of Civil Aviation Regimes on Travel.

The current study intends to analytically examine the environment finance environment and the taxation environment for analyzing the atmosphere in which the Western Sydney Airport will thrive. The study at hand identifies diverse risks that might affect investment decisions of financiers in Western Sydney Airport with special consideration to the financial as well as taxation risks attached to the environment of the business. Moving further, this study presents a risk framework that can help in systematic appropriate detection of risk that can be addressed adequately. Thereafter, the study presents the identified risk and proposes suggestions for averting the identified risks.

The given case study under deliberation helps in comprehending background of the establishment of the Western Sydney Airport. The case study reads about the opportunities of job creation and growth of the economy in particularly Western Sydney. As such, this also indicates towards increase in volume and states presence of around 82 million passenger every year (Galariotis et al., 2016). Also, the case study explains about present infrastructure and taxation for developing the process of planning and preparing work for Western Airport Project.

The nation Australia provides a powerful combination of solid economic performance, a diversified economy along with low risk environment for undertaking business operations. As per reports, it can be said that the nation Australia is entering 26 years of persistent economic growth; nation is the 13^th largest economy in the entire world and 5^th largest economy among the Asian economies (Sigmund et al., 2015). Entering 26 years of uninterrupted economic growth along with AAA sovereign risk profile, Australia is well positioned to continue to prosper. Regardless of the fact that this nation is home to only 0.3% of the entire world population, GDP accounts of Australia accounts for approximately 1.7% of the world’s economy.

There are different forms of taxation scheme prevalent in Australia. In particular, both individuals as well as corporations operating in Australia might be required to disburse taxes or else charge to different government levels namely local, state along with federal government. Jeucken & Bouma (2017) suggests that taxes are collected to make payments for diverse public services together with transfer payments.

Liapis et al., (2014) identifies that income taxes are the most important taxation form in the nation Australia, and amassed by the federal government by means of the Australian Taxation Office. Again, Australian GST revenue can be acquired by the Federal Government and then disbursed to specific states under a distribution formula ascertained by the Commonwealth Grants Commission. According to reports of taxation, Australia maintains a considerably lower burden of taxation in comparison to other wealthy, developed countries. This is necessarily 27.8% of the nation’s GDP in the year 2018. As indicated by (), taxes in Australia are primarily administered and acquired by the Australian Taxation Office and in certain cases revenue offices of the state government. As such, businesses operating in Australia can save money by disbursing the appropriate amount on time and acquiring benefit of any kind of tax concessions. As rightly put forward by Aharoni (2015), the important taxes that affect businesses are Company (Income) Tax, Goods and Service Tax (GST) as well as Capital Gains Tax (CGT). Additionally, businesses can elect to make disbursements every month, quarter or year.

Taxation Scheme in Australia

Company Tax: An Australian resident corporation is necessarily subject to company tax, at a specific rate determined by the Australian Government. Again, a non-resident corporation is chiefly taxed on Australian source earning at the same rate as a resident corporation (Levy, 2015). Taxable earning along with tax rate might possibly differ under limited circumstances, namely industry or business framework.

Capital Gains Tax: Capital Gains Tax (CGT) implements on any capital gain acquired by means of disposal of assets. In essence, it is paid as a particular part or section of income tax. Essentially, foreign business units might be subject to CGT on particular assets acquired and utilized in undertaking business actions in particularly Australia (Kumar & Goyal, 2015). Businesses also have the need to maintain records upon acquiring assets that again might be subject to CGT in the upcoming period.

Goods and Services Tax (GST): As correctly mentioned by Gaziel Yablowitz & Raban (2016), the Goods and Services Tax (GST) is necessarily a national, broad based consumer tax on majority of goods and services marketed else wise consumed in Australia. Majority of businesses have the need to register for GST with specifically the Australian Taxation Office. Particularly, businesses that have made payments for various business supplies counting GST are entitled to claim an equal input tax credit. However, there are also certain businesses that are eligible for concessions of GST.

Payroll Tax: As rightly put forward by Lambarraa et al., (2015), payroll tax can be regarded as a state tax levied on the wages that is paid to workers of a corporation. As such, it is enumerated on the specific amount of wages that is paid every month and has the need to be disbursed in case if the Australian wages exceed the threshold of exemption in the pertinent state or else territory.

Other taxes: In particular, there might be taxes of the Australian Government and Territory Government that are pertinent to specific business actions. In essence, this might possibly include certain items namely land tax along with fringe benefits tax. Business along with financiers assesses these types of taxes for the purpose of ascertainment whether they are applicable in a specific case. O’Callaghan & Vivoda (2017) suggests that there is a variety of federal, state along with local government taxes and rates can apply, based on size along with location of the business.

Analysis of implication of tax on investment decision of the case project development

There are several tax incentives that can help financiers to invest in the project. Different tax incentives that can affect the current project re as mentioned below:

Program of incentive for research and development is available in Australia. This can help in fostering the process of establishment of the project under consideration (Lambarraa et al., 2015)

Financiers of Australian ESIC also have accessibility to specific tax incentives. A non-refundable carryforward tax offset of the amount that is equal to 20% is disbursed for new issued equity interests particularly in ESIC. Again, capital gains tax (CGT) concessions are available for various interest in an ESIC of Australia (Lambarraa et al., 2015).

Important Taxes Affecting Businesses in Australia

For the purpose of tax purposes, a proposed project in Australia has the need to satisfy different tests. These tests include the shares (barring fixed preference shares) for the purpose of tax has the need to be quoted on the stock exchange list of Australia else wise abroad during the end of a financial year. In addition to this, at particularly no time, 20 or less than 20 individuals during specifically the tax year can receive or get entitled to accept 75% or more of dividends disbursed. The formalities of tax purpose are necessary for establishing the project.

Identification of risk factors upon investing in the case study project development (as regards finance and taxation environment

The financier can take into consideration certain risk factors and the ways to address the same before moving forward with the plan of investment. Diverse risk factors that can be taken into consideration before undertaking the decision of investment include

It is important to bear in mind three different components of investment. Investment components comprise of risk levels, return as well as liquidity. Essentially, it is almost impossible to have low level of risk, higher rate of return and higher levels of liquidity all within any one particular area of investment (Kauffman et al., 2015).  It is also important to take into account different types of risk and factors of risk can be considered to be major risk. In this case as well it is important to take into account different types of risk namely the interest rate risk, whilst others might encounter credit risk or else some other macro-economic risk. In addition to this, it is important to recognize the amount that needs to be invested both during the short term and the long term.

Risk can be said to be inherent in case study project development and appropriate risk management can be considered to be an important aspect of operating a successful business. Management of the company has varying control levels with regard to particularly risk. There are certain risks that can be directly handled and other risks are to large extent beyond control of management of company Western Sydney Airport. There are times when a corporation can do is to make attempts to anticipate probable risks, evaluate probable influence on business of the corporation and remain prepared with a scheme to react to different adverse incidents (Henriksen & Ponte, 2017). In addition to this, there are several ways in which financial risks can be classified into different classes namely market risk, liquidity risk, operational risk as well as credit risk.

Market risk refers to risk of altering conditions in the market place in which a corporation and in this specific case Western Sydney Airport competes for business. An example of the market risk is the escalating influences of various factors namely increasingly intricate markets, transient workforce, and disparate regulatory structure, inexorable march of new and advanced technology along with geopolitical shifts (Baker et al., 2015). Generally, the long-standing economic struggles of majority of the shipping lines have necessarily made the maritime segment more sensitive to specific risk than other transport modes. Thus, Western Sydney Airport is also expected to suffer from the shipping lines that might perhaps make the segment more sensitive to this particular risk.

Implication of Tax on Investment Decision of the Case Project Development

Also, providers of maritime transport conceive cyber threats and breach of data confidentiality to be the apex risks. However, dissenters from this specific opinion argue that fear of cyber risk get fuelled by hysterical media environment in which discussion is mainly dominated by various hacking stories, bad-intentioned insiders and recommendations that the critical systems of majority of top corporations have already been compromised (Papatheodorou, 2016). Nonetheless, this fact cannot be denied that skill set of actors of digital threat are escalating just as augmented reliance of the company Western Sydney Airport operating in the transport industry on third parties is multiplying the probable entry points. Evidently, an increasingly associated world calls for community response to different risks.

Baker et al., (2016) suggests that transportation segment maintains movement of the global economy. In this case, any kind of operational disruption has wider consequences for community can make administration of the related risks a priority and have the need to transcend boundaries of the specific sector. Intimate associations of the transportation segment with the worldwide economy imply that the risks encountered by the industry are primarily influenced by various factors and these facets interact with one another in intricate manner that are difficult to comprehend. The findings of Transportation Risk Index Report replicate the fact that there is a fluid risk setting that is increasingly intricate and at the same time interconnected (Vasigh et al., 2014). Proactive mitigation stratagems are necessary for the purpose of maintaining central corporate flexibility, preparedness along with reaction that is critical to performance of the corporation.

Global commerce is primarily undertaken in a digitized world in which automation as well as internet of things is altering fast nearly in every segment of the economy. Whilst some transportation modes have been slow to assume specific digital tools, the entire engagement pace is speedily escalating. The company also has the need to embrace the digital revolution as the digital technology is becoming so pervasive that numerous businesses underestimate the degree and extent to which they are reliant on the same. Even risk savvy corporations struggle to map chain of consequences that inform about effectual mitigation strategies. Scott &  Gössling (2015) suggest that while commercial benefits that are inherent in technological advances are too numerous to list, so are the vulnerabilities along with risks. The balance is said to thrive. The company Western Sydney Airport functioning in the transportation industry

Credit risk can be considered to be business risk that can be incurred by extending credit to particularly customers of the airline corporation Western Sydney Airport. This can indicate towards credit risk of the company Western Sydney Airport with specifically customers of the suppliers owing to the probability that a customer might default on disbursements. The company Western Sydney Airport might have the need to handle diverse credit obligations by making certain that it will always have adequate flow of cash to disburse bills for accounts payable in a timely manner (Baker et al., 2015). Otherwise, suppliers might either stop extending credit to the corporation or else even stop undertaking business with the company altogether.

Tax Incentives for the Current Project

The risk of liquidity comprises of asset liquidity and functional funding of liquidity risk of the airline corporation named Western Sydney Airport. Again, asset liquidity indicates towards comparative simplicity with which a corporation Western Sydney Airport can alter the assets into cash and there is need for sudden, considerable requirement for supplementary flow of cash. Again, operational funding liquidity is a reference to regular flow of cash. Operational funding liquidity indicates towards general else wise seasonal downturns in company’s revenue (Gillen & Morrison, 2015). This can refer to considerable risk in case if the corporation Western Sydney Airport suddenly finds itself without adequate cash on hand to disburse basic expenditure obligatory to continue to pursue business success. Essentially, this is the reason behind management of flow of cash can be considered to be critical to success of the business and financiers view at dimensions namely free flow of cash at the time of evaluating firms as an equity investment (Abbott, 2018).

As rightly indicated by Abbott (2018), operational risk indicates towards diverse risk that can stem from ordinary activities of the airline corporation Western Sydney Airport. Operational risk comprises of lawsuits, risks of fraud, personnel problems and business model risk that is necessarily the risk that a company’s marketing model and plans of growth might prove to be inaccurate or else inadequate.

There is absence of documented tax stratagem, tax policies and procedures along with tax procedures. In addition to this, there is incoherence of quality of tax data across diverse jurisdictions, disjointed approach to deal with different authorities of tax across different operating nations. In addition to this, challenges associated to taxation environment include restricted visibility of pending compliance tasks along with tax audits, inadequacy of ordinary internal tax controls approach across different entities along with jurisdictions (Abbott 2018). Furthermore, there is limited alignment between particularly tax and specifically the business regarding defined objectives and risk appetite. Also, there is lack of assimilation between tax approach to management of risk and approach of overall business. Additionally, there are also other challenges owing to taxation environment and business operations.

-There is no one size fits all tactic for updating management of risk of taxation. Again, there are varieties of dimensions that satisfy practical necessities. Furthermore, there are several different jurisdictions, business entities along with platforms together with their respective regional necessities. Therefore, the company Western Sydney Airport might face the challenge of obtaining an appropriate approach for updating tax risk management. Also, the company might perhaps encounter the threat of addressing various dimensions so that it satisfies certain practical necessities (Xiang & Worthington, 2017). Furthermore, the Western Sydney Airport might have the requirement to implement diverse jurisdictions, business entities, business platforms and their respective regional necessities.

Management of the firm Western Sydney Airport has the need to address from a variety of metrics that can help in meeting the practical necessities. Implementation of structured phased tactics can take into consideration all requisite dimensions (for instance, data as well as processes) (Duval, 2016). During the first phase, the aim is to evaluate and articulate the present gaps and design solution initiatives for the purpose of addressing the same.

Identifying initiatives can help in moving function of tax to the next level of performance. The current section also focuses on current tax system and assesses the way a proper tax system can raise the revenue required for finance government actions without imposing unnecessary costs on the economy. Furthermore, tax reform is about the way revenue is essentially raised and not about the amount. The overall tax burden is comparatively low in comparison to other developed nations (Sweeting, 2017). 

Analysis of fare undertaken by particularly Bureau of Transport and Regional Economics has not taken into account different taxes on fare of air which Commonwealth inflicts nor it comprise of charges that airports impose on airlines that in turn can add to passenger air fares. Again, federal taxes essentially refer to the passenger movement charge (PMC) normally known as departure tax of particularly $38 on particularly passengers departing on various international flights. In addition to this, the air passenger ticket normally levy is also referred to as Ansett and this levied at the rate of $5 for every sector. Again, the noise of the aircraft is levied at Sydney KSA as well as Adelaide airports (Vasigh et al., 2014). As such, the board of Airline Representatives of Australia claims and that this particular levy can add up to $3.58 to the cost of airline ticket. In this case, the charge for passenger movement replaced the departure tax that was necessarily introduced to recover the custom costs, immigration along with quarantine processing at the borders of Australia together with issue of visa of visitors during the short term period. In this case, the charge (that is also known as tax) is primarily levied as per the stipulations mentioned under the directives of the Passenger Movement Charge Act of the year 1978 along with the Passenger Movement Charge Collection Act of the year 1978 (Vasigh et al., 2014). Nonetheless, the charge that is necessarily the tax has essentially moved beyond the process of recovery of cost and is now contributing to consolidated figure for revenue. Evidence provided to particularly the Senate Legal and Constitutional Committee in the Australian Customs Service Program reflected the fact that the total amount that was acquired surpassed the customs costs, specific quarantine service along with immigration by approximately $80 million. As such, the Ansett along with the noise levies are essentially discussed under Air Passenger Ticket Levy along with Airport Noise Amelioration Programs respectively (Khandelwal & Khanapuri, 2015).  The government of the nation has pronounced stance on the levy and the government intends to lessen the tax only after exhaustion of different legal avenues arising from Victorian Supreme Court decree in favor of Ansett administrators.

As rightly indicated by George (2014), taxation treatment of diverse aircraft assets in Australia cannot be considered to be consistent with specific aviation segments overseas. Basically, this forum suggests that the government by means of Australian Taxation Office operate with the industry to recognize and remove impediments to tax and to develop certain reasonable approaches to the process of taxation as is necessarily the case with other segments. Unlike other highly developed aviation nations, taxation system of Australia delivers virtually little or no incentive for the purpose of updating the general aviation along with fleet of business aircraft. In particular, this is mainly owing to ATO rulings on the effective economic life of aircraft in this nation and this refers to the fact that age of the general aviation fleet in that particular nation has steadily developed over the last decades. Advanced aircrafts lead to enhanced safety along with superior environment performance. Furthermore, the long term financing of CASA (Civil Aviation Safety Authority) by means of levy of aviation fuel inflicts a considerable and at the same time inequitable burden on the domestic segment and delivers no incentive for augmented CASA efficacies (Jackson, 2016). In addition to this, the Forum is also of the view that the government has the need to institute a specific working group with the industry for the purpose of identifying and averting impediments of taxation to the aviation segment. In addition to this, this segment also has the intention to develop working group with industry for the purpose of identifying and removing impediments of tax to the aviation industry and to manufacture various equitable approaches to system of taxation, as is presently the case with other segments.

Land owners are expected to cashed in from the decision of the government of NSW to finance the Western Sydney airport. However experts say that the mega windfalls for the land owners from in and around proposed airport are limited.

Values of vacant lands are observed to have increased by around 30% whilst non-vacant land is also enhancing at the same rate as per reports presented by researchers. However, there are critics who are of the view that rate of growth might perhaps not be sustainable (Baker et al., 2016).

After the announcement of the proposed establishment of the airport, the price of land jumped heavily. Nevertheless, it is expected to get back to normal level with passage of time.

However, based on state government’s pronouncement several financiers were banking up different spaces or land in spite of rezoning different uncertainties. Financial speculations to purchase rural land despite uncertainties is based on the expectations and hope that land would get rezoned for various industrial purposes. In this case, various investment decision techniques can be used for assessing value of the land and feasibility of investment in the project.

The current report can scrutinize the economic influence of process of development of Western Sydney Airport for evaluation feasibility of investment decisions. Analysis of economic benefits on case project development of Western Sydney Airport reveals that development of a second Sydney Airport can help in generating considerable economic advantages for the specific region. This can provide significant economic boost to the local economies of Western Sydney along with the states of particularly New South Wales more generally. The influences primarily arise from alleviating pending potential constraints in the Sydney basin and from the productivity and competitiveness gains that this airport would create. Whilst the industries along with the sub-regions are likely to acquire benefit significantly with strong linkages to air transport segment, invariably the economic influences can be dispersed widely (Sweeting, 2017). Essentially, overall scale of economic influences of the airport is most evident at the time when cumulative advantages are taken into consideration.

Fundamentally, in terms of net present value, the influence on the economy of Western Sydney is approximated to hover around $9.2 billion to $25.6 billion during the period 2020 to 2050. However, the influence on the entire economy of Sydney is estimated to range between $15.7 billion to $25.6 billion. As such, these influences can be considered to be large provided that no other activity shall probably occur for the following seven years (Vasigh et al., 2014). In addition to this, mean supplementary employment during the period 2020-2050 is expected to lie between 12645 and 19982 FTE for particularly Sydney region, taking into consideration that majority of the supplementary employment shall be generated in the latter period of the specific modelling period. Nevertheless, the realisation of the identified benefits and evasion of costs particularly emanating from capacity restraints in the Sydney basin calls for quick response from policy makers (www2.deloitte.com, 2018).

Financiers can adjust strategies to comprehend the details of the new project and identify the most promising of those opportunities, handle the risk and curtail all the odds of gaining the best returns. Essentially, the financiers can analyse projects founded on the flows of cash that can undertake comparative analysis of the invested cash and the cash to be generated by the project (Duval, 2016). Financiers can take into consideration incremental flows of cash, consider flows of cash

Analysis of investment involves determination of appropriate opportunity cost of capital, usage of flows of cash and the capital cost and to enumerate the pertinent investment criteria. The viability of the project can be analysed using the schemes of the net present value (NPV), pay-back period, discounted payback period, average accounting return (AAR), Internal rate of return (IRR), profitability index (PI) (Sweeting, 2017).

• Aviation has played an important role in the Australian economy. Aviation industry combines the contingent together and links the entire island to chief trading partners. Together with tourism, aviation supports more than 6% of GDP of Australia as well as 7.4% of the workforce. In actual fact, this is precisely AUD 75 billion in business that generates 800,000 employment opportunities. Essentially, there is a lot at stake and there is need for appropriate policies to get things right. Taxation is something that is at the top most priority (Galariotis et al., 2016).
• The Director General of IATA (International Air Transport Association) has pronounced the requirement for urgent policy attention to issues regarding taxation to make certain persistent development of aviation connectivity. The government might re-evaluate the economic damage caused by the Passenger Movement Charge (abbreviated as PMC). The PMC was initially formulated to finance various border agencies of Australia, counting customs and protection of border, quarantine along with immigration (Sigmund et al., 2015). Previously, it was enhanced to around AUD 55 for every passenger that exceeded the financing cost of the agencies. Essentially, it is approximated that around AUD 800 million can be collected during the year 2012 and the year 2013. PMC is in actual fact a tax that necessarily adds roughly travel costs from the nation Australia. In case PMC were removed a boost in the traffic can be expected to be observed. This would necessarily add roughly AUD 1.7 billion to the exchequer of Australia and generate roughly 17000 jobs (com, 2018). Thus, the Australian economy can gain more from the removal of the PMC. As per reports on economic advantages of abolition of PMC, there is critical significance of thorough cost benefit evaluation for different policy decisions (Jeucken & Bouma, 2017). It can hereby be inferred that the government has the need to re-assess overall influence of making Australian connectivity more expensive than it is required to be.
• Furthermore, the Western Sydney Airport might have the necessity to put into practice specific jurisdictions, business entities, business platforms and their relevant regional necessities. Additionally, for establishment of new airport there is need to address variety of metrics that can help in meeting the practical requirements. Execution of ordered phased tactics can take into account all necessary dimensions (Gaziel Yablowitz & Raban, 2016). Therefore, it can be said that there is need for analysis as well as articulation of the current gaps and design solution initiatives for the purpose of addressing the tax issues.
• Long term financing of CASA inflicts a substantial and inequitable burden on the domestic section and delivers no enticement for improved CASA efficacies. In this regard, the Forum opines that the government has the need to initiate a particular working group with the trade for the purpose of detecting and averting impediments of taxation to the aviation division (O’Callaghan & Vivoda, 2017). In actual fact, this segment also has the intent to expand working group with industry for the purpose of identifying and removing impediments of tax to the aviation industry and to manufacture various equitable approaches to system of taxation, as is presently the case with other segments.

• Management of Western Sydney Airport can analyze the risks associated to market under the head of financial risk. The business is anticipated to suffer from the shipping lines and might perhaps become extremely sensitive to this risk. Therefore, requisite steps for enhancing the shipping lines can prove to be effective.
• The management also has the need to handle different credit obligations by ensuring adequate flow of cash to expend accounts bills (O’Callaghan & Vivoda, 2017).
• Flow of cash is also considered to be critical for development of business and financiers regard free flow of cash at the time of analyzing firms as an equity investment.
• Operational risk that takes in lawsuits, fraud risks, personnel problems and business model risk that is inevitably the risk that associated to business of the company (O’Callaghan & Vivoda, 2017). Management of the firm in that case can consider marketing model as well as operational model of the company

Formulation of a framework for evaluation of finance and taxation environment in Australia in a bid to handle risk engaging property development or investment project

The process of assessment of risk that can be followed for analysis of finance and taxation environment in Australia can be presented as below:

The process of assessment of risk include establishment of the context of establishment of aviation industry, ascertainment of timing, milestone of the identified project, analyzing composition of the entire team, analyzing the tools, reporting specific incidents and information criteria. There is need for iterating and improving by means of formulation of strategy, development of tactics and executing the actions. The selected framework for identification of risk has the need of continuous communication and consultation. In addition to this, during the process of evaluation of risk constant monitoring and assessment is also very necessary. This framework can help potential financiers to understand factors of risk and the way the same can be addressed. This involves understanding the components of investment that takes in different risk levels, rate of return as well as liquidity (Scott &  Gössling, 2015). Essentially, it is impossible to have low rate of risk, higher rate of return along with higher rate of liquidity within the investment.  This framework for detection of risk can also help in identification of risks. Investment in the Western Sydney Airport can lead to major risks in actual fact that includes specifically credit risk, financial risks, risks related to taxation regulations of aviation industry on the whole and certain macro-economic risks.

Conclusion

In conclusion, it can be said that the study at hand can help in gaining comprehensive understanding regarding the finance as well as taxation environment of Sydney, Australia. Essentially, this current study critically studies the environment and implements the environment that is conceptualized. In addition to this, the current study also provides thorough analysis of the environment with special orientation to the financial as well as taxation environment. Critical understanding regarding the environment can also aid financiers to uphold investment decisions. Furthermore, this study also monitors and detects the risks (both financial as well as taxation issues) associated to the Western Sydney Airport and presents recommendations for addressing the identified issues.

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