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Tax cuts can still be furthered without GST

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Monday. i7 May f959

Media Release

National Tax & Accountants' Association 1 " Level 14.499 St Kilda Road, Melbourne

TAX CUTS CAN STILL BE FURTHERED WITHOUT GST As the Federal Government has effectively closed all tax loopholes previously enjoyed by certain businesses, the additional revenue obtained from these dramatic Tax Reforms, mean that the

promised tax cuts to individuals can proceed.

According to Ray Regan, President of the National Tax & Accountants' Association, "By taxing some 300.000 family trusts as companies, including imposing fringe benefits on employees’ group certificates since 1 April 1999 where the value of the benefit exceeds $1,000, together with further FBT changes to commence from 1 April 2000, and other dramatic tax changes which now prevent a streaming of franked dividends to shareholders, the Government is bringing in billions and billions of dollars and therefore able to pass on its promised tax cuts to taxpayers. Moreover, the

Federal Government not only expects a positive cash flow budget for 1999/2000, but also over the next 5 years."

Regan states that “It is simply a nonsense for anyone, however misinformed or contrived they may be, to say that tax reform will still not be continuing without a GST. The reality is, there never has been a need for a GST and it is only the rich and wealthy that would have ever benefited by it."

Ray Regan, President Mobile: 0418 320 751 Tel 03 9866 3733 Fax: 03 9866 3072