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ACCI Calls For Tax Cuts In Australian Budget

by Mary Swire, Tax-News.com, Hong Kong

07 February 2017


The Australian Chamber of Commerce and Industry (ACCI) has recommended that the Government stick with its plan to cut company tax, and said it should reform some tax benefits.

In its pre-Budget submission, ACCI said that it supports the Government's efforts to lower the company tax rate to 25 percent over a decade. It suggested that the Budget should cut company tax for businesses of all sizes to stimulate economic activity, starting with small business and later to larger businesses. It should also extend for two years accelerated depreciation for small businesses with a turnover of up to AUD10m (USD7.6m), it said.

"A more competitive corporate tax rate will increase investment in Australia from both foreigners and local investors, which boosts income for local workers, domestic businesses, and households," ACCI said.

The submission also recommended that the Government phase out Family Tax Benefit B, which is intended to support families where at least one parent stays at home in whole or in part to care for children. ACCI said that to minimize the impact, the Government could first lower the payment scales and then tighten the eligibility to dual households and then to single parents.

In addition, ACCI would like the Government to abolish the Energy Supplement, which was introduced in 2013 to help social security recipients manage electricity price increases as a result of the carbon tax. ACCI argued that because the carbon tax was repealed in 2014, the Supplement should be abolished altogether.

TAGS: Energy | tax | investment | small business | business | commerce | corporation tax | Australia | tax rates | carbon tax | social security | tax reform | chamber of commerce

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