A 40 per cent resources rent tax on the mining sector, a five per cent cut in the company tax rate, a leap in the personal tax threshold and a halving of the tax on superannuation fund earnings - these were just a few of the headline recommendations in the long-awaited 1,500-page final report of the Australia's Future Tax System Review, chaired by Treasury Secretary Ken Henry.
Not all the report's 138 recommendations will get the Federal Government's go-ahead. In fact, in an election year, relatively few are expected to trigger immediate action.
John Piggott, an economics professor at the University of New South Wales, was a member of the Henry Tax Review panel. In an interview with Julian Lorkin of Knowledge@Australian School of Business, he explains what drove the thinking behind some of the proposed changes.
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