Save
Bill Shorten is ‘off the leash’ on tax: ScoMo
Treasurer Scott Morrison has branded Bill Shorten’s tax approach as “off the leash”, while simultaneously attacking new research that found tax concessions for the wealthy cost more than both Newstart and disability support.
Bill Shorten is ‘off the leash’ on tax: ScoMo
Treasurer Scott Morrison has branded Bill Shorten’s tax approach as “off the leash”, while simultaneously attacking new research that found tax concessions for the wealthy cost more than both Newstart and disability support.
Released on Monday, Anglicare Australia’s The Cost of Privilege report found that $68 billion is spent a year in tax concessions for Australia’s wealthiest 20 per cent of households.
“That is greater than the cost of Newstart, disability support, or any other benefit,” said Anglicare Australia executive director Kasy Chambers.
These concessions include $3 billion in tax exemptions on private healthcare and education, $20 billion in superannuation concessions, and capital gains tax exemptions of $40 billion a year.
By contrast, Newstart has a price tag of $11 billion a year. These findings were based on Treasury and ABS figures, as well as the Melbourne Institute’s Housing Income and Labour Dynamics in Australia survey.
“Too often, the political narrative around our tax and transfer system demonises the most disadvantaged Australians, and portrays taxpayers as unduly burdened by the cost of our tightly targeted welfare system,” said Emma Dawson, executive director of Per Capita, the group commissioned to carry out the research.
“Our analysis of tax concessions for high income earners shows that such concessions cost the federal budget far more than support for any single welfare recipient group.”
However, speaking in question time on Monday, Treasurer Scott Morrison disputed the findings.
Noting the shadow treasurer Chris Bowen had referenced the research in an earlier question time answer, Mr Morrison said, “The insult from the leader of the opposition in the shadow treasurer is to treat these Australians with contempt and tell them that they are somehow cheating the tax system.
“What he doesn’t refer to in the research today is that that research that he is referring to, which is apparently the cost of this great privilege and loophole, includes an estimate of the cost of the CGT exemption for family homes.”
Continuing, he said Mr Shorten was “off the leash” when it comes to tax, while Mr Bowen was a “pathetic hypocrite”.
Responding to Mr Bowen’s questioning around corporate tax cuts, Mr Morrison said, “The shadow treasurer on this matter has had more faces on this than even the leader of the opposition. They are all around … They look in every direction, every single direction.
“What the shadow treasurer is seeking to do to the Australian economy is to tax it within an inch of its life, more than $200 billion in higher taxes. I have only just talked about the ones they have announced so far.”
Tax saving
How are Australians planning on spending their tax savings?
Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. ...Read more
Tax saving
First in the world: SA imposes EV tax
The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury. ...Read more
Tax saving
5 tips as tax deadline looms
Australians are being warned that they have just two weeks left to get their finances in order if they have not posted a tax return yet. ...Read more
Tax saving
ATO warns businesses of JobKeeper scam
The ATO is warning the community about a JobKeeper scam which is asking members to enter personal information. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now
Tax saving
How are Australians planning on spending their tax savings?
Essential bills, savings accounts, Christmas gifts and exchange-traded funds appear to be the big winners from the latest round of tax cuts, new research has revealed. ...Read more
Tax saving
First in the world: SA imposes EV tax
The South Australian government is the first government in the world to introduce an electronic vehicles tax following an announcement by the treasury. ...Read more
Tax saving
5 tips as tax deadline looms
Australians are being warned that they have just two weeks left to get their finances in order if they have not posted a tax return yet. ...Read more
Tax saving
ATO warns businesses of JobKeeper scam
The ATO is warning the community about a JobKeeper scam which is asking members to enter personal information. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
