Monday, 9 November 2015
Questions without Notice: Take Note of Answers
Answers to Questions
ACOSS, quite rightly, has had some modelling done. At least they have done something positive. What the coalition government—Prime Minister Turnbull, Treasurer Morrison, innovation Minister Pyne—have said is: 'Let's have a conversation about it.' What people need to understand with bracket creep is that many, many employees in this country are going to be on the top marginal tax rate—49c in the dollar. Let's reflect for a second. Do you know what the marginal tax rate is in Singapore for employees? It is 15 per cent—not 49 per cent but 15 per cent. That is the tax rate. The company tax rate in Singapore is 17 per cent. Look at those incentives.