Despite the rhetoric about ‘lower, simpler, fairer taxes’, the Prime Minister’s plan for double taxation will increase red-tape.
Any business with employees in more than one state will be required to report income tax and group certificates multiple times. How is this simpler? How is this fairer?
This is a red tape nightmare for Australia’s small and medium businesses, a recipe for more wasted hours buried in spreadsheets, more paperwork and more confusion.
Small business owners just want to get on with the job, with certainty and confidence. The Prime Minister, with thought-bubbles left, right and centre, is making this impossible.
Here is a sample of expert opinion on the double taxation proposal:
"It will create more red tape, more taxes, everything this government says it doesn't stand for."
Mr Alex Malley, CPA Australia
"Whilst the proposal may present some theoretical advantage, government time and resources would be far better spent on reforming the present tax system."
Mr Arthur Athanasiou, The Tax Institute
While the Prime Minister is leaving his Treasurer out in the cold to announce his plan for double taxation, Labor is united behind a evidence-based, fully-costed plan for tax reform.
Under Labor, multinationals will pay their fair share of tax instead of leaving the load to small and medium businesses. Negative gearing and capital gains changes will help housing affordability for young Australians. Labor’s plan will not close the door on smaller states like Tasmania and South Australia.
The Abbott-Turnbull Government is all talk for small business and very little action.
THURSDAY, 31 MARCH 2016