Invest
Morrison provides 'ironclad’ promise on taxes
The Coalition has promised there will be no new taxes ahead of the election.
Morrison provides 'ironclad’ promise on taxes
Prime Minister Scott Morrison has announced a new ‘lower tax guarantee’ alongside a commitment to provide $100 billion of tax relief over the next four years.
Under the lower tax guarantee, the government has promised there will be no new taxes on workers, retirees, super, small businesses, housing and electricity during the next term of Parliament.
“Lower taxes are at the heart of our economic plan for a stronger economy and stronger future,” Mr Morrison said this weekend.
The PM said that the planned $100 billion in tax relief would provide certainty and help deliver a stronger economy.
The Coalition has also committed to keeping taxes at 23.9 per cent of the GDP.
“Labor has left the door wide open to introducing new taxes or higher taxes to pay for their spending initiatives, while they refuse to guarantee a tax speed limit,” said Mr Morrison.
“Our government has delivered income tax relief for more than 11 million Australians and reduced small business tax rates to the lowest level in 50 years – we are the party of lower taxes.”
But shadow treasurer Jim Chalmers has criticised the new guarantee from the Coalition.
Taking to Twitter on Sunday, Mr Chalmers said: “On every available measure, whether it's total tax, tax as a proportion of the economy, tax per person, tax adjusted for inflation, this government is taxing more than the last Labor government did”.
Mr Chalmers indicated that Labor’s only proposed tax reforms would be in relation to multinationals.
While Labor has not yet detailed how much extra tax multinationals will be made to pay, Mr Chalmers told Sky News that the plan would follow global principles.
"The OECD, led by Mathias Cormann, has made proposals around digital tax reform. They've made proposals about how businesses account for their profits. There are OECD principles when it comes to how debt is accounted for so that multinationals pay their fair share of tax," he said.
"There's a whole agenda around transparency and there's an agenda around tax havens and intellectual property. Now, the whole world is moving in this direction, and Australia should be part of it."
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