Taxation Policy

Australia needs to embrace a taxation system that encourages achievement and supports socially acceptable principles. We need a tax structure that includes total reform of both Commonwealth and State taxes and a package that can harmonise between both levels of Government. There needs to be equity in the distrubution of resources between high and low income people and a tax system that shares the burden equally upon those that share in those resources. The tax system needs to raise enough funds to sustain revenue required to fund government expenditure and be sustainable over the long term period. Compliance costs and collection costs should be minimised. The top marginal rate needs to be brought down gradually to the same level as corporate rate and we need to reduce the number of tax thresholds to the minimum number possible and ideally this would be no more than two. The Australian Business Party calls for the abolition of the following: Bank Account Debits Tax Stamp Duties on non residential conveyances Stamp Duties on non quotable marketable securities Stamp Duties on leases Stamp Duties on mortgages, bonds, debentures and other loan securities

Stamp Duties on credit arrangements, instalement purchase arrangements and rental arrangements Stamp Duty on cheques,bills of exchange and promissory notes The Australian Business Party also believes that Payroll Tax needs to be abolished. Many businesses play an important role in the provision of aid to many socially worthwhile services by donating money to charities, schools, universities and other organisations. Governments need to appreciate that in doing so the burden if providing these services is taken away from the tax payer and that in doing so there should be tax incentives for business to continue their philanthropic work in our community. Government needs to promote Research and Development (R&D) and help fund projects that allow the manufacture of Australian innovation. This would allow Australian inventions to be manufactured on Australian soil and be exported internationally. Company Tax needs to be reduced to an ideal level of 20 per cent. This would create more competition amongst other countries and allow business to grow in Australia – hence producing more jobs for the nation.