Businesses are net losers from tax changes

Comments on AFR report “Super tax no help - ACCI”, 3/05/2010, http://www.afr.com/p/national/super_tax_no_help_acci_iPdS1wmoK7g7dbTdLRbSCN

The AFR reports that the Australian Chamber of Commerce and Industry (ACCI) says that the increase in superannuation guarantee will cost business as much as $24 billion annually from 2020.

The Chamber says that it is incorrect of the government to assert that the superannuation changes will be funded by a new 40 per cent super resources tax on the mining industry.

“It is going to be paid for by Australia’s million employers and businesses,” said Chamber chief executive Peter Anderson in Canberra on Monday.

“The ACCI has estimated that it means an additional cost to employers of between $20 billion and $23.6 billion per year once the full effect of that measure is put in place by 2020.”