International Law

Henry Tax Review Report response

By David Jacobson

The Government has released its response to the final report of The Australia’s Future Tax System Review Panel (the Henry Tax Review).

The key Government proposals include:

• increasing compulsory superannuation from 9 to 12 per cent by 2019: initially there will be two smaller increases of 0.25 per cent, in 2013-14 and 2014-15. These will be followed by steps of 0.5 per cent in every year until the superannuation guarantee reaches 12 per cent in 2019-20.
• raising the super guarantee age limit from 70 to 75
• A staged reduction in company tax from 30 per cent to 29 per cent in 2013/14 and 28 per cent in 2014/15 with small business company tax cut to 28 per cent from 2012-13

Many of the Review’s 138 recommendations were not accepted at this time: some were not discussed at all, others may be implemented in the future but some have been specifically rejected (eg introducing a bequests tax).

Full post as published by Australian Regulatory Compliance Review on May 02, 2010 (boomark / email).