1st February, 2022
Are higher taxes on their way?
No increase to taxes for higher income earners…
Any changes to tax on negative gearing?… no
Planned changes for superannuation?… no
Multinationals… look out! You’re in for higher taxes…
Yesterday we heard from Anthony Albanese, leader of the opposition talking on 3AW radio about his plans for tax reform if labour were to win an election this year. Current polls published in The Australian yesterday suggest labour may be in the box seat to win. So, what did he say?
“What we’re interested in is lifting living standards and lifting the cost-of-living pressures off ordinary wage-earners.”
This sounds good so far, so let’s drill into his response to more specific questions.
No increase to taxes for higher income earners…
When asked about increasing taxes on higher income earners he said: “we’re not making any changes.” This included in relation to higher taxes on family trusts.
No changes to tax on negative gearing…
Elections have been lost in the past on this point, but when asked yesterday he said: “not giving any consideration to any new taxes.”
No planned changes for superannuation…
When asked about changes to taxing of superannuation he said: “We have not planned for any changes on superannuation,” stopping short of completely ruling out changes. We’ll be waiting to hear more on this topic.
Multinationals… look out! You’re in for higher taxes…
There was one change he flagged however, he said: “Multinationals could do a bit more, frankly, and that’s something that we’re look at. We’ll have more to say about that between now and next election.”
In summary (and to quote Mr Albanese) “The last thing the economy needs is the wrecking ball of higher taxes, punishing hardworking Australians and costing jobs, during a global pandemic”.
Pandemic or not, we don’t want higher taxes thanks!
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