Bendigo Business Council responds to Henry tax report
Posted 03/05/2010
Bendigo Business Council responds to Henry report
The Bendigo Business Council welcomes many of the recommendations made in the Henry Tax Review released yesterday. The BBC is disappointed that the Federal Government did not show more courage and vision in its response.
BBC Executive Officer Kevin de Vries said today "the Henry review identifies many opportunities to simplify personal and business taxation in this country; the Government's response has not embraced this call. The Rudd Government has ignored many of Ken Henry's proposals such as simplification of personal tax rates and replacement of state based taxes such as stamp duty, payroll and land taxes."
"The Bendigo Business Council does welcome the Government's proposal to reduce company tax rates and to simplify record keeping for small business by reducing depreciation thresholds."
"The BBC expresses some concerns about the gradual rise of compulsory employer superannuation contributions from 9% to 12%. The BBC foresees that this additional cost for business will be met from increases in worker productivity and trade offs in future wage negotiations." Mr de Vries said.
The BBC will seek to identify the impact that the proposed Resource Super Profits Tax will have on the mining operations across the country and particularly in Bendigo. It expresses its concern on the potential impact on the global competitiveness of Australia's mining operations, and the effect this new tax have on the viability of existing mining projects.
"Simplification of taxation in this country is necessary and the BBC believes that more can be done by removing state taxes and easing the taxation compliance burden for business. This would allow businesses to operate with greater efficiency as generators of employment and revenue and not as cogs in the wheel of Australia's taxation system."
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