Australian Broadcasting Corporation Online [USEMAP:gn02linksnoshop.gif] ABC Online Navigation Bar ABC News Online News Home Top Stories Just In World Australia/Local Business Politics Weather Sport Health Arts Sci-Tech Media Environment Rural Indigenous Offbeat In-Depth Forums Services Help/Site Map [Programs...........] GO Broadband Services Print-friendy version Print Email this story Email First Posted: Tuesday, March 18, 2003. 08:54:57 (AEDT). ACOSS urges action on corporate payouts The Australian Council for Social Service (ACOSS) is pursuing taxation reforms to help rein in exorbitant executive payouts. Council president Andrew McCallum says the Federal Government should amend three tax loopholes to discourage companies from providing lucrative redundancies and separation payments. He says payouts should be taxed as ordinary incomes and a more equitable rebate scheme should be introduced. He also says the 15 per cent superannuation surcharge should be maintained despite pressure from the superannuation industry for it to be cut back. "The company directors and shareholder pressure will be the ones that determine whether these contracts... are struck in the future," he said. "But what we're saying, the Government has at its disposable the means for whereby it can tax in appropriate ways these obscene payouts, and that's where the Government should come in and act now." Print-friendy version Print Send to a friend Email ABC Top Stories * US asks Australia to commit troops * Second resolution withdrawn * UN staff ordered out, Saddam admits past weapons * Three tested for deadly flu virus * Palestinian Parliament rejects PM amendments * Free trade talks to discuss medicine scheme * ACOSS urges action on corporate payouts * Mourners arrive for Nauruan President's funeral * Fractured finger rules Martyn out ____________________ Search To ABC Online Home Page © 2003 Australian Broadcasting Corporation This service may include material from Agence France-Presse (AFP), AAP(International), APTN, Reuters, CNN and the BBC World Service which is copyright and cannot be reproduced. AEDT = Australian Eastern Daylight Time which is 11 hours ahead of UTC (Greenwich Mean Time)