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Tax reform

1 Aug 2017

Q. Would you support or oppose the following tax reforms to pay off debt and raise more funds for Government services and infrastructure?

  Total support Total oppose   Strongly support Support Oppose Strongly oppose Don’t know
Stop companies and wealthy people using legal loopholes in minimise tax payments by sending funds offshore 86% 8%   58% 28% 5% 3% 7%
Force multinational companies to pay a minimum tax rate on Australian earnings 82% 9%   48% 34% 6% 3% 9%
Introduce the “Buffett Rule” – which means that very high earners cannot reduce their income tax rate below 30%. 71% 12%   34% 37% 8% 4% 17%
Increase the income tax rate for high earners 61% 27%   26% 35% 21% 6% 11%
Remove superannuation tax concessions for high earners 54% 30%   22% 32% 18% 12% 15%
Cap deductions for tax accounting fees to $3000 52% 18%   21% 31% 13% 5% 30%
Stop people using Family Trusts to split income among family members 51% 25%   23% 28% 18% 7% 24%
Limit negative gearing and capital gains property investments 50% 27%   19% 31% 17% 10% 22%
Increase the GST 25% 65%   4% 21% 30% 35% 10%
Introduce an inheritance tax on deceased estates 15% 69%   4% 11% 29% 40% 16%

All tax reforms were supported by a majority of respondents, except for introducing an inheritance tax (69% oppose) and increasing the GST (65% oppose). The most supported reforms were stopping minimizing tax by sending funds offshore (86% support), forcing multinational companies to pay a minimum tax rate (82%) and introducing the “Buffet Rule” (71%).

  Total support   Vote Labor Vote Lib/Nat Vote Greens Vote Other
Stop companies and wealthy people using legal loopholes in minimise tax payments by sending funds offshore 86%   87% 86% 86% 89%
Force multinational companies to pay a minimum tax rate on Australian earnings 82%   84% 85% 80% 83%
Introduce the “Buffett Rule” – which means that very high earners cannot reduce their income tax rate below 30%. 71%   71% 71% 79% 77%
Increase the income tax rate for high earners 61%   70% 53% 68% 65%
Remove superannuation tax concessions for high earners 54%   56% 57% 54% 58%
Cap deductions for tax accounting fees to $3000 52%   52% 58% 61% 50%
Stop people using Family Trusts to split income among family members 51%   55% 53% 50% 46%
Limit negative gearing and capital gains property investments 50%   54% 50% 61% 47%
Increase the GST 25%   18% 37% 13% 27%
Introduce an inheritance tax on deceased estates 15%   17% 14% 15% 11%
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