The Printing Industries Association of Australia has expressed “deep disappointment” that the Turnbull Government’s proposed tax cuts have been postponed after failing to secure the support of the Senate.
“Taxing profits is a tax on jobs and a tax on economic growth,” says PIAA CEO Andrew Macaulay. “Small and big business account for 86% of all jobs in Australia and we need support for business to encourage job creation."
The association has urged Senator Hinch and Senator Storer to back the Government’s proposed tax relief legislation and Macaulay says the printing and packaging sector “would employ more people if government impositions are removed.
“Both Victoria and South Australia, whom the Senators respectively represent, need more local jobs and need more employment,” Macaulay says.
“We have long been campaigning for the removal of state-based payroll tax, a tax on employing people. The cutting of corporate company tax is consistent with this policy position. Businesses should not be penalised unduly by Government for doing well.”
The PIAA argues that the international competitiveness of the industry is under threat if our corporate tax rate remains high. New Zealand has a corporate tax rate of 28%; Singapore has a corporate tax rate of 17%. Australia’s is at 30%.
“Overall, we must remain competitive in our region on tax or else print and packaging jobs may go offshore," says Macaulay.