Speaking at the McKell Institute’s Bill Shorten says that health, education, housing, and growth are all on the line in this budget.
Mr. Shorten attacked the Prime Minister and said that only a Prime Minister focused on millionaires would get rid of deficit levy when the defect has tripled.
The Opposition Leader also mentioned that Labor’s new multinational tax package will ensure a higher standard, more transparency and stronger enforcement as well as lowering the reporting threshold back to $100 million from $200 million. He also says that the ATO will receive a boost in resources, “ That is money well spent.” he said.
Mr. Shorten also said, “Budgets are also about values, They’re a test of who’s side you’re on.”
Today the Labor Party also announced new measures to fight multinational rorts and to improve the Budget bottom line by $5.4 billion over the decade through reforms ensuring multinational companies are no longer given a free pass to use the Liberal’s tax loopholes.
Labor’s five-point plan, if elected, is set to restore integrity to the Australian tax system through stronger laws which will close loopholes and increase tax scrutiny.
The new Labor package called “Their Fair Share” includes measures that will:
Tighten debt-deduction loopholes used by multinational companies, improving the Budget by $4.6 billion over the decade. Increase compliance activity by the Australian Taxation Office. Remove tax advantages and inconsistencies between Multiple Entry Consolidated Groups (consisting of Australian-resident entities that share a common ultimate foreign owner) and Australian-owned ordinary consolidated groups.
Deliver more tax transparency by restoring Labor’s $100 million threshold for public reporting of tax data for private companies. This threshold was raised to $200 million in another deal with the Liberals and the Greens political party.
Appoint a community sector representative to the Board of Taxation to ensure community sector voices are heard in tax design and review processes.