Company Tax Change Needed to Boost Growth, Chalmers Advised

Company tax change needed to boost growth, Chalmers advised

Productivity Commission chair Danielle Wood has handed down a raft of recommendations to the Albanese government to lift the economy out of stagnation.

Tax reform to boost fairness and growth

In the latest draft version of the Personal Income Tax Law, the Ministry of Finance (MoF) has proposed cutting the number of progressive tax brackets from seven to five, with rates ranging from 5 per cent to 35 per cent. In the draft law currently open for public comment, the MoF presents two scenarios (see charts below) for amending the tax table, both aimed at reducing the number of brackets and widening income ranges between them. Under both …