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Monday, 22 May 2017
Page: 4588

Budget


Mr BOWEN (McMahon) (14:19): My question is to the Prime Minister. In the budget, what is the dollar value of the tax deductions forecast to be claimed by the banks in connection with the bank tax?


Mr TURNBULL (WentworthPrime Minister) (14:19): The figures the honourable member raised a moment ago for the fiscal balance impact of a major bank levy totalling $6.2 billion over the forward estimates are calculated net of interactions with other taxes, principally corporate tax. The levy affects corporate and other income tax collections.

Mr Bowen interjecting

The SPEAKER: The member for McMahon will cease interjecting.

Mr TURNBULL: If the honourable member would stop interjecting, I will come to the answer. That is why in the first year the net revenue received by the Commonwealth shown in the fiscal balance impact is $1.6 billion. In the second year it is $1.5 billion, and that is because of the net impact of its interaction with other taxes. The difference is the answer to the honourable member's question—that is, the cost in terms of a reduction in receipts of other taxes, principally corporate tax.