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.
The not-to-be-missed Accountants Daily Strategy Day will travel through Melbourne and Sydney in August to equip accounting professionals with the latest industry updates and tips for modern practice management as well as the latest cutting-edge technology, processes, strategies and trends shaping the future of accounting. Visit the website for more information: www.accountantsdaily.com.au/strategy-day