In this busy pre-election period, policies put forward by the different parties can be a moving feast.
We compare the key tax policies of the Liberal-National Coalition (Coalition) and the Australian Labor Party (Labor) with this high level analysis for:
Both the Coalition and Labor parties are supporting small businesses with investment incentives, particularly with changes to the instant asset write off. However, Labor has proposed extra benefits with upfront deductions for investments in capital assets.
Both are taking a tough stance with anti-tax avoidance among larger organisations and wealthy individuals, and Labor is taking additional measures to have a longer term (possibly negative) impact on Australia’s asset investment landscape.
Both are committed to supporting innovation and R&D tax incentives for innovative businesses into the future, however there is detail lacking on both sides.
Income tax rates for individuals is the major battle ground, with Labor favouring the lower income earners and the Coalition favouring the higher income earners.
Labor is committed to increasing employer super contributions for individuals in a weakening economy, although the sustainability of this policy is unclear.
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