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Major changes in personal income tax

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Mr. Ray Braithwaite, MP, Federal Member for Dawson Shadow Minister for Northern Development and Local Government.

A call for major changes in personal income tax, to give small business the incentive to provide an Australia wide industrial recovery, has been made by an aspirant for deputy leadership of the National Party.

Mr. Ray Braithwaite said today that high rates of personal income tax meant that most middle income earners were now in the forty six cents in the dollar bracket and those on higher incomes were paying more in tax, at sixty cents in the dollar, than they were keeping.

"From the first of February, the medicare levy will increase this once again," he said.

"There is no incentive for people to earn at all, and the Hawke Government, inspite of promises to reduce taxation, has added to the burden."

Mr. Braithwaite said that there was a need to flatten the top rates of forty six cents and sixty cents in the dollar

eventually to forty cents and fifty cents.

"No one should have to pay more from personal earnings to the Government than they were allowed to retain themselves," he added.

"A flatter rate of tax would be the greatest benefit to small business proprietors, and additional retained earnings would allow this sector to expand and employ."

Mr. Braithwaite, a Chartered Accountant, chaired the National Party’s committee on taxation in 1981 and 1982.

Enquiries Phone: 079 57 8329

CANBERRA January 11, 1984.