Minister falls short on income tax relief promise for federal budget

Minister falls short on income tax relief promise for federal budget

income tax, federal budget

Assistant Minister to the Treasurer, Michael Sukkar, fell short of committing to income tax cuts in the upcoming federal budget despite speculation the PM is set to float plans for middle-income tax relief. 

The government, including Minister for Finance Mathias Cormann, have been publicly floating the idea of personal tax cuts in recent weeks, and it is rumoured this morning that the Prime Minister will shortly be unveiling further plans for middle-income tax relief.

At a Pritchitt Partners event in Sydney last night, Accountants Daily asked Mr Sukkar if it’s realistic to expect a commitment to both corporate tax rate cuts and income tax cuts in the upcoming federal budget.

Mr Sukkar said the government is “working on it.”

“The Prime Minister and the Treasurer made clear that anything we do needs to be done within the constraints of our commitment to getting the budget back to surplus by 2021. That’s a very fair question to ask, how can you simultaneously do them all?" he said. 

“Frankly, it’s what we are working on. We are working very hard to ensure we can provide those tax cuts,” he said.

“Anything we do [in] delivering personal income tax cuts will be done within the constraints of not jeopardising returning to budget surplus,” he added.

On the issue of corporate tax, Mr Sukkar was firm in the government's resolve to push forward with the cuts, particularly given the experience of the United States.

“[Even] the socialist French government have just enacted lower corporate taxes than Australia, and that just shows where we are sitting in the world,” Mr Sukkar said.

This email address is being protected from spambots. You need JavaScript enabled to view it. 

 

Minister falls short on income tax relief promise for federal budget
accountantsdaily logo
promoted stories

Latest Opinions