‘Verms, a question: if we were to have a flat tax rate on income, what %age should apply and how would that effect Gov revenue?’
30% imv. I don’t think you can go lower than that in reality. There, again, will be a massive kicker to those on high wages but realistically the bulk of all taxpayers are much lower paid (hence the average wage of 30%).
Tbh I think there should be a bracket approach for those that are being remunerated below the average wage. From 15% at the low end to 30%.
I don’t really think PAYG is the main issue with tax reform Scott. Sorting out the companies tax avoidance would be a better achievement for all Parties to address. That should be the target and be bi-partisan.
Equally, better management of resource licensing and operations. Don’t give it all to majority foreign ownership. Keep the status quo for the present (so no legal challenge) but change issuance of new licenses more favourable to Australian Companies. That might change the tax avoidance issue too.
Will it happen? Not in my lifetime. We’re run by the US as a subsidiary.
