It might seem popular to attack the business community, but where would Australia be without business?
A competitive business tax system will provide the opportunity for Australia to have more profitable companies that pay tax, employ Australians, have small business suppliers who depend on that business being successful and customers who can rely on it to provide goods and services.
The private sector contributes 80% of Australia’s final economic output.
Business employs around 10 million of the 12 million Australians who work – five out of every six jobs.
Company tax alone raised $71 billion for the federal government in 2016-17. We know when business activities and profits increase, tax revenues increase. Over the next decade, company tax collections are
projected to be over $1 trillion – with the tax cut included.
Australia’s company tax revenue as a share of GDP is the second highest in the OECD after Norway.
Company tax revenue alone is enough to pay for more than the entire defence and federal education budgets.
Businesses – big and small – make a significant contribution to Australian life.
Companies are about people and help make our communities thrive.
They often give young people their first job and an opportunity to build their lives.
Critics still say businesses are not paying enough tax but Australia’s integrity measures are among the most robust in the world. The Business Council strongly endorses the Tax Transparency Code and believes all businesses should not only meet their tax obligations but be transparent about their compliance.
Tax Commissioner Chris Jordan recently said company tax compliance “is around global best practice and many countries aspire to this level of compliance”.