The Coalition’s proposed cut to the fuel excise for 12 months, as flagged in the Budget Reply speech, is well intended, but will not solve the cost-of-living crisis.
“Addressing the financial strain on Australians is a key priority for any government. However, there are more effective ways to ensure that assistance reaches those in need, rather than just benefiting those who purchase petrol," said Susan Franks, CA ANZ Tax, Superannuation and Financial Services Leader.
“History shows that temporary – but popular – cuts like these are hard to reverse once implemented. Changes to the tax system should support the long-term direction of Australia,” Ms Franks said.
“A temporary fuel excise cut is inconsistent with Australia’s transition to net zero,” she said.
“Chartered Accountants ANZ repeats our calls for real, visionary reform of the nation’s tax system that tackles the issue of bracket creep, improves equity and eases the burden on hard-working Australians.”
CA ANZ acknowledges several other announcements made by the Coalition this evening and will consider them over the duration of the upcoming election campaign, making further statements as necessary.
Senate vote small victory for instant asset write-off - now let’s make it permanent
CA ANZ has welcomed the passage of laws through the Senate, that will extend the $20,000 instant asset write-off for small business to June 30, 2025. CA ANZ also welcomes the Coalition’s pledge that, if elected, a $30,000 instant asset write-off would become a permanent part of the tax law.
“The main benefit of this initiative is its immediate tax relief which can help with cash flow. CA ANZ has been calling for the instant asset write to become permanent, to deliver certainty and reduce red tape for business, Government and tax agents. It’s time to get it done,” said Ms Franks.
ENDS
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About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents nearly 140,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.
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