Big cut in company tax would boost economy – but it comes with a sting
The radical tax overhaul proposal from the Productivity Commission would hit large corporate taxpayers including BHP, Rio Tinto, Glencore and Woolworths, but would capture companies that currently pay little or no tax including Transurban, News Corp and Amazon.
The commission estimates its plan would deliver an estimated $15 billion boost to the economy, setting the stage for a battle over company tax settings at Anthony Albanese's economics roundtable.
The commission's report, the first of five that will form a key part of the debate at the three-day roundtable between August 19 and 21, focuses on the tax system and ways to make the Australian economy more dynamic.
Commission deputy chair Alex Robson said the tax proposals were aimed at encouraging businesses to spend more on investment that would help lift overall productivity.
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'In the past 10 years productivity grew by less than a quarter of its 60-year average. To turn this around, we need business to expand and invest in the tools and technology that help us get the most out of our work,' he said.
'If we don't get our economy moving again, today's children could be the first generation to not be better off than their parents. We need to spark growth through investment and competition – the best way to do that is to reform our company tax system.'
Currently, businesses with a turnover of less than $50 million face a corporate tax rate of 25 per cent, with a 30 per cent rate for all other firms – one of the highest rates in the developed world.
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