Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Land tax, payroll tax subject of new lobby to government

Tax, land tax, payroll tax

The federal government is being told it should overhaul inefficient taxes – like land tax and payroll tax to provide Australians with a less complex, more efficient taxation system. 

The Institute of Public Accountants, which represents the interests of small business in Australia, has recommended the federal government reaffirm its commitment to comprehensive tax reform. 

The closest any government has come to addressing these calls is the tax white paper process, which hasn’t been addressed since 2016, and promised to deliver a more stable and clear-cut system for Australian businesses and taxpayers. 

Advertisement
Advertisement

Specifically, the IPA said the federal government should address the inconsistencies small businesses face across the country with payroll tax, which is regularly cited as a tax that disincentivises Australians from growing their businesses. 

The IPA also called on the government for reform at the foundation level for property-based taxes, which is often a significant barrier to entry for investors looking at the property market. 

“The IPA has repeatedly advocated for the need for major and bold tax reform by moving from transaction taxes on property to broad-based land tax,” the IPA said.

For consistency and efficiency purposes, the IPA is also recommending the government broaden the base and lift the rate of GST.

“As a consequence of increasing the rate of GST, state and territory governments would have greater capacity to substantially reduce or eliminate key stamp duties and charges on transactions such as property transfers, vehicle registration and insurances,” the IPA said.

Land tax, payroll tax subject of new lobby to government
Tax, land tax, payroll tax
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
DavidL - Why has it been used in high rise construction if it has never been approved for that purpose? How does it get past building inspectors in the first place?....
Mort - This is absolute nonsense from the shadow treasurer, who should know better. Why has Labor excluded non tax paying Commonwealth pensioners, if not for.......
Howard Patterson - It is not a matter of banning the product, it may be perfectly safe on a low rise building. When all the humbug is stripped away, the fact is that.......
Jim - The gravy train is about to be stopped, thumps up. ....