THE NEWS WRAP: ASIC ramps up scrutiny of the liquidations industry

Low-to-middle income households, rather than businesses, are set to be the main beneficiaries of tax cuts under a carbon price, in plans set out by the Government’s top climate change advisor.

In his final report on climate change, Ross Garnaut said that the tax-free threshold should be raised from $6,000 to $25,000 for incomes under $80,000. Assistance for businesses, however, would drop from 35% of carbon price revenue to just 20% by 2020, under Garnaut’s plan.

ASIC ramps up focus on rogue liquidators

ASIC has said that it has increased its scrutiny of the liquidations industry, following calls for it to be stripped of its powers to regulate the sector.

A senate economics committee last year found that the corporate watchdog was “overburdened” with responsibilities, leading to claims that it should move away from liquidations. However, ASIC said that it is now dealing with rogue operators in the industry more effectively, claiming to have an increased focus on small businesses.

Apple set to unveil cloud service

Apple is set to unveil a range of new products, including a highly-anticipated cloud service, at its developers conference next week.

The tech giant’s new iCloud service is set to rival the offerings of Google and Amazon, which both recently launched applications that allow users to store content in the cloud. Apple has confirmed that Steve Jobs, who has not been seen publicly since March, will take to the stage to unveil the product.

Overnight

The Dow Jones Industrial Average rose 128.21 points to 12,569.79. The Australian dollar was up to 107.03 US cents.