Taxation

Related policies

Policy

Implement a simpler and fairer tax system.

Policy Methods (Federal & State)

To help achieve this Sustainable Australia Party will:

  • Raise the tax-free income threshold to $26,000 a year ($500 per week)
  • Provide an unconditional universal basic income - or citizen dividend - of $500 per week ($26,000 per annum, indexed from 2021) to every Australian (also see Welfare policy)
  • Phase out all superannuation-related tax concessions
  • Make superannuation optional, to be paid as either extra wages or superannuation, and consider a transition period where current superannuation can be withdrawn over a (say) 10 year period
  • Phase out tax shelters including offshore bank accounts
  • Transition all businesses to GST registration, while providing a GST-related ‘tax free threshold of $26,000 for all small businesses, meaning the first $2,600 in GST collected remains with the business
  • End multinational tax avoidance and profit shifting to low or no-tax jurisdictions to ensure multinationals pay their fair share of tax on sales in Australia, including by:
    • Prohibiting corporations from claiming tax deductions for any interest paid to related entities based overseas
    • Introducing a 50 per cent Diverted Profits Tax (or ‘Google Tax’) on profits sent overseas for corporations deemed to have arranged their business structure to avoid tax

  • Offer residential property buyers the option of paying current stamp duties or an annual land tax (also see Housing Affordability policy)(5)
  • If the federal government fails to ban foreign ownership, increase housing taxes on foreign buyers (also see Housing Affordability policy)
  • Remove the 50 per cent discount of capital gains tax on taxable Australian property (non-principal place of residence) (also see Housing Affordability policy)
  • Abolish negative gearing on taxable Australian property (also see Housing Affordability policy)
  • Reduce the company tax rate for local manufacturing to 25%
  • Adopt a Resource Super Profit Tax for iron ore and coal, the details of which would be determined following the implementation of a full resource audit and depletion protocol policy
  • Increase tax on all excessive income and super profits, through a more progressive tax system
  • Introducing an ACT-style 75% developer 'rezoning / betterment tax' in all states
  • Phase out state payroll tax as soon as practicable
  • Establish a national enquiry to formally investigate the best monetary system to serve an environmentally and socially sustainable economy (also see Economy policy)
  • Stabilise Australia’s population size as soon as practicable (also see Population & immigration (Australia) policy) in order to avoid the ongoing increases in taxes, charges, infrastructure and productivity costs caused by rapid population growth

"It used to be easy to deliver infrastructure when the government owned the land, but because our major cities are already planned and built up, there is no room to retro-fit new infrastructure without expensive additions like land buy-backs and tunnelling." William Bourke

"The unthinkable truth is that unless we invest in enough additional housing, business equipment and public infrastructure to accommodate the extra workers and their families, this lack of “capital widening” reduces our physical capital per person and so reduces our productivity." MacroBusiness

"There is no reason why Australia's ageing population should put health budgets under pressure, given the amount of untaxed wealth in the economy..." Australian Broadcasting Corporation