ATA Preliminary Budget Analysis: The Good, The Bad, The Ugly
- Increase of $80,000 marginal tax threshold to $87,000
- Reduction of small business tax rate to 27.5% and turnover threshold increased from $2m to $10m
- Gradual reduction of corporate tax rate to 25%...
- The Debt is Too Damn High! $499 billion in Commonwealth Debt or 29% of GDP. This is over $40,000 a household.
- Interest on gross government debt is over $1000 per family per year.
- Revenue up from $396.4 to $416.9 (24-24.2 % of GDP)
- Spending up $431.5 – $450.6 (26.1-26.2% of GDP)
- Unrealistic projections for growth and tax receipts showing deficit reductions that shall not occur
- Corporate tax reduction only finally implemented by 2026 will probably never happen
- Make Work Scheme for the ATO with 1300 new tax collectors – at a cost of $679 million
- $172.9 million through increased passport fees
- $50 million to promote Australian wine overseas – at the same time the Australian Government is paying to reduce alcohol consumption here!
- Harming savers through more tax hikes on superannuation
- Four more rounds of tax hikes on smokers – the average smoker will be paying over $7,500 in tobacco tax a year, with 69% of an average cigarette pack being tax
- A “Google Tax” sending a clear message to the rest of the world that Australia does not value innovation or intellectual property. This tax is, at best, slated to raise $100m a year – at the cost of severely damaging our international standing an competitiveness
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