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08/01/20
00:18
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Originally posted by mystikal:
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Tax System can only do so much to help the economy, the following below can be enacted to entice better behaviours like: 1. Encourage savings other than taking on debt on property 2. Encourage long term savings with short term incentives for lower tax erosion Here are a few suggestions: - Quarantine investment deductions/losses to investment income (i.e. cant negative gear but can carry loss for later years so still retain benefits) - Excess Franking Credits should not be refundable but will have the ability to be carried forward to offset income of future years - Make land tax non deductible but at the same time reduce land tax by fixing the margins - Increase land tax surcharge - Make FBT non deductible but at the same time reduce FBT to 40% - Make FBT year end in August - CGT Tax Free Allowance of $10,000 a year but at the same reduce CGT discount to 25% - Decrease tax on concessional contributions to 0% - Investment income (Dividends/Interest) Tax Free Allowance of $5,000 a year for income earners below $90,000 - Link Super Contributions to HECS i.e. you can opt to have your super compulsory payments can be used to pay down HECS first - Reduce the corporate tax rate to 25% - Increase incentives for foreign investment and business sectors for areas that are less population dense The bigger problems we have are welfare, low innovation compared to other countries, reliance on a few sectors for our economy, outsourcing of sectors such as manufacturing and now other service sectors like accounting/IT.
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Pigs ass. The real tax issue is that of Multinationals who are not paying Aussie Tax and the ATO is either incompetent or our enabling tax laws are rortable.https://www.theguardian.com/world/2018/jun/20/multinationals-move-16bn-from-australia-to-tax-havens-each-year In 2017 alone, Australia lost $5.7 billion tax due to Multinationals ( mostly American) transferring profits and other tax evasion strategies (see above link) Just imagine what an extra $5.7 billion tax reciepts a year could do for Australia! There needs to be jail penalties for CEOs & CFO who diddle the Tax System, IMO, as well as many multiples of the tax cheat as a penalty.