Bob Day (SA, Family First Party) Share this | Hansard source

My question is to the minister representing the Minister for Finance. A short while ago I wrote to the government about income splitting, which is something, I know, Senator Canavan on my left feels very strongly about. Income splitting reduces the tax burden on single-income families by letting them combine and split their incomes for tax purposes. Some countries even allow taxable income to be split with children, and rightly so, given that Australian children pay, on average, half a billion dollars of GST per annum. Today's children also bear a greater burden of paying this generation's debt and deficit than current and past generations. Given all these factors, isn't it equitable for the whole family to pool and split their incomes for tax assessment?