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Industry News
Company NewsGovt still mulling over drop in company tax rateThe Government's hope of aligning the top personal, trust and company tax rates may not be achieved as it might be necessary to further reduce the company rate, Finance Minister Bill English said today.The Government is considering raising GST and closing property tax deductions to fund tax cuts across the board in May's budget. Mr English today gave his clearest indication that the top rate would come down to 33 per cent.The Tax Working Group recommended aligning the top rates and National has wanted to set them all on 30 cents, but Mr English said the need to match any company tax rate cut in Australia meant this might not be possible. Cutting the middle personal rate for earnings under $48,000 from 21 per cent to 19 per cent and the bottom rate for under $14,000 from 12.5 per cent to 10.5 per cent.This would cost around $2.1 billion.The Government has estimated it could raise up to $3.6b from lifting GST to 15 per cent and changes to property taxation.How affordable the possible personal tax cuts outlined above are will depend on changes to the company tax rate and the compensation for those on benefits, super and Working for Families for the increase in prices.
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