Senate debates
Monday, 9 November 2015
Questions without Notice: Take Note of Answers
Answers to Questions
3:20 pm
Christopher Back (WA, Liberal Party) Share this | Hansard source
ACOSS, quite rightly, has had some modelling done. At least they have done something positive. What the coalition government—Prime Minister Turnbull, Treasurer Morrison, innovation Minister Pyne—have said is: 'Let's have a conversation about it.' What people need to understand with bracket creep is that many, many employees in this country are going to be on the top marginal tax rate—49c in the dollar. Let's reflect for a second. Do you know what the marginal tax rate is in Singapore for employees? It is 15 per cent—not 49 per cent but 15 per cent. That is the tax rate. The company tax rate in Singapore is 17 per cent. Look at those incentives.
Tibor Majlath
Posted on 7 Feb 2016 1:45 pm
Perhaps the senator meant to say the top marginal tax rate is/was 45c which does not include 2% Medicare levy and the LNP's Temporary Budget Repair Levy payable at a rate of 2% for taxable incomes over $180,000?
How many employees will be on the top marginal tax rate? Many, many it seems. We need a conversation about 'bracket creep' but no one explains anything. All we get are general and vague comments about nothing.
Is the comparison between the countries' tax rates justified? Singapore has a political system which is authoritarian, its economy is dominated by government-controlled companies. Best described as a Socialist Democracy. The State plays a much more active role in corporate social responsibility unlike the LNP in Australia which believes in less red tape for Business.