Now, millions of people will get work incentives and will also see the rich also face the loss of lucrative work-related tax breaks, according to a report.
Ken Henry, the Treasury Secretary of Australia, has reviewed the tax system for 18 months. Australia’s 125 taxes might be shaved and workforce participation is also being looked at, according to this review.
More taxes will have to be paid by mining and resources companies. A national land tax could replace the current state-based stamp duty system.
Fringe Benefits on vehicles will be cut as well.
The review will enhance bank deposits as cuts to high tax rates on bank deposits and other methods of saving are recommended. Wealthy people will lose some superannuation benefits.
Some arguments of the review are withheld which are that should millions of taxpayers be spared from filling out annual tax returns? Should dozens of state-based taxes and smaller levies be scrapped? Should property taxes be streamlined, and possibly replaced by a national tax?