Coalition v ALP Tax Policies

The ALP had indicated the measure would exclude some entities. Small business etc. They havent said if a smsf will be included or excluded. Its where ALP policy is very light on details. The policy is aimed at the top end of town. And until its a draft bill its pure speculation. What is included isnt even known yet.

Another issue in the ALP policy is the intent to review tax deductions and exclude deductions for some matters if they dont support a robust economy. So uniform deductions could be found to contribute nothing and be killed off. Or general work deductions ...Once again its real light on details but clearly they want to kill off deductions !!

The Australian tax system includes a number of deductions and concessions that result in taxpayers reducing their tax bill. Many of these represent legitimate expenses like work related expenses, such deducting the cost of a uniform or tools, or incentives to drive policy outcomes – like research and development incentives.​

Labor supports the existence of deductions and concessions where they drive positive policy outcomes and improve neutrality in the tax system. As a policy instrument, they provide a mechanism that allows Government to influence behaviour to achieve specific policy objectives. But these need to be done on the basis that they are a fair and effective use of resources, both in terms of the policy, and in the broader budget context.

It is important to recognise that deductions and concessions – essentially forgone revenue – represent significant costs to the Budget. To date, they haven’t received the same level of scrutiny as the payments system.

Proper scrutiny of tax subsidies is fiscally responsible and can remove unintended consequences of tax subsides. Labor will continue to strengthen the revenue base through removing unfairness, and ensuring that the tax system is designed to deliver our priorities.​

 

We can do a swap with Barnaby Joyce. Given the way the Nats are running he will need a new job soon.

 

Loot
All
Businesses (and investors)
Of
Rewards

 

I pick a party based on what is best for the country and for the majority of people. I don't simply choose a party because I'm going to end up with an extra $1 in MY pocket. That's just greedy BS.