Crack down on tax cheats: ACTU

Crack down on tax cheats: ACTU
The ACTU has urged policymakers to crack down on tax cheats and loopholes used by the rich to claim more money.
At a national taxation forum on Tuesday, ACTU secretary Jeff Lawrence said in a statement that it was time to stop the abuse of private trusts and company structures.
“There is a double standard at play in the debate over Australia’s future tax system,” he said.
“The top end of town is calling for cuts to Australia’s already low company tax rate, yet is silent about the rort exploited by many wealthy individuals who use trusts and company structures to make the payment of income tax discretionary.”
Lawrence said that trusts were often used to disguise a person’s real income and were becoming increasingly popular, costing the public about $1 billion a year in lost taxes.

The ACTU has urged policymakers to crack down on tax rorts and loopholes used by the rich to claim more money.

At a national taxation forum on Tuesday, ACTU secretary Jeff Lawrence said in a statement that it was time to stop the abuse of private trusts and company structures.

“There is a double standard at play in the debate over Australia’s future tax system,” he said.

“The top end of town is calling for cuts to Australia’s already low company tax rate, yet is silent about the rort exploited by many wealthy individuals who use trusts and company structures to make the payment of income tax discretionary.”

Lawrence said that trusts were often used to disguise a person’s real income and were becoming increasingly popular, costing the public about $1 billion a year in lost taxes.

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