Original article by Phillip Coorey, Michael Read
The Australian Financial Review – Page: 1 & 4 : 23-Aug-23

The federal government is expected to pursue an incremental approach to tax reform due to the perception that large-scale changes would be politically challenging. Sources have indicated that Labor will not seek major tax changes during its current term in office, and it will adopt a similar approach if it is re-elected in 2025. The government’s agenda for its current term includes changes to the petroleum resource rent tax and an increase in the tax rate for superannuation accounts exceeding $3m; however, it is believed to have ruled out changes to the company tax rate, the goods and services tax and the legislated stage-three income tax cuts. The Business Council of Australia recently called for an overhaul of the tax system.

CORPORATES
AUSTRALIAN LABOR PARTY, BUSINESS COUNCIL OF AUSTRALIA