Fighting for a fairer tax system
The federal treasurer will be unveiling the first budget since the COVID-19 crisis began. This budget will highlight how much trouble the country is in. The response of federal, state and local governments to the COVID-19 crisis has shown the fragility of our economy. Lock downs have crippled small businesses and individuals who were already struggling under the boot of a high taxing government. High taxes from all three levels of government aren’t fair on the average Australian.
The NSW Liberal Democrats believe reducing taxes to leave more money in your pocket is the best way to help individuals and the economy recover from the government’s response to COVID-19.
Cutting federal taxes
A flat income tax of 20% & a tax-free threshold of $40,000/year
Currently, Australia’s progressive tax system punishes Australians at all levels of income. Increasing the tax-free threshold to $40,000/year would help lower income earners while a 20% flat tax rate allow people to keep more of their money.
Alcohol, fuel and tobacco pricing already includes GST – but did you know nearly 50% of the price of fuel, alcohol and tobacco is made up of government excise? Excise of course was meant to be abolished when the Liberal Party introduced GST in 2000, but this didn’t happen. Now the government double dips when ever you purchase fuel, buy a drink or a pack of cigarettes.
Reducing the cost of fuel and abolishing sin taxes leaves more money in your pocket.
Cutting Company Tax
With so many businesses closing across NSW and the country, we need to reduce the burden on local businesses and encourage foreign investment by reducing the company tax rate. Australia currently sits around 30%, this should be reduced to 20% to ensure businesses can thrive and hire more staff.
Cutting state taxes
Abolishing Stamp duties and introducing exemptions
The NSW State government has used the housing boom to drain consumers via stamp duties. Stamp duties increase the cost of new properties, making buying a house difficult for many first home buyers.
The NSW Liberal Democrats believe stamp duty should be abolished on property. Also, those who currently pay land tax would gain an exemption in all property currently owned for the amount of stamp duty they have paid.
For example, if you have paid $38,602 in stamp duty, you would be exempt paying that amount in land tax.
Stamp duty is also found on vehicles. The NSW Liberal Democrats will abolish stamp duty and provide an exemption on registration fees on currently vehicles owned.
If you have paid $2000 in stamp duty on your current vehicle, you will be exempt from paying that amount in annual registration fees.
Abolishing, not freezing fees and charges for business
Earlier in the year, the Berejiklian Government announced freezing all fess and charges for small and medium sized businesses. The NSW Liberal Democrats believe these were never needed – we will abolish these permanently.
If it’s good to stimulate the economy during a pandemic, it is good to stimulate the economy the rest of the time.
Cutting local taxes
Freezing then reducing rates
The NSW Liberal Democrats believe councils should be about roads, rubbish and reducing rates. We have seen a trend of local governments moving away from this mantra and spending ratepayer money on all manner of silly things like plastic bag bans and an attempt to make a COVID memorial.
We are all ratepayers, either directly through owning property or indirectly by renting property. Higher rates mean higher cost of living.
The NSW Liberal Democrats believe councils should freeze rates until the pandemic is over then systemically reduced to fulfill their function of basic civic administration.
Local Government should be lowering the burden, not increasing it.
Fighting for fair taxation
The Liberal Democrats are the only party that believes in true tax reform. We believe you should have more money in your pocket as you know how to spend it better than politicians and bureaucrats. It is immoral that unborn generations of Australians are already racking up debt because the political class is addicted to other people’s money.
During our time in the federal Senate, the Liberal Democrats fought to reduce taxes across the board in order for you to have more money while other parties voted to continually lift taxes and spending. No Liberal Democrat will ever vote for an increase in taxes or a decrease in personal liberty whether it is federal or state parliament or in your local council.