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First Posted: Tuesday, March 18, 2003. 08:54:57 (AEDT).
ACOSS urges action on corporate payoutsThe 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."
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