Powered by MOMENTUM MEDIA
subscribe to our newsletter
Hockey flags offshore investment risks

Hockey flags offshore investment risks

Increased investment in offshore regions such as Asia by Australians could pose a high risk for Australian businesses and Australian jobs, Treasurer Joe Hockey has warned practitioners.

At a recent Sydney event hosted jointly by the Tax Institute and Chartered Accountants Australia and New Zealand, Mr Hockey said that as Australia increasingly becomes integrated into the Asia-Pacific region, more and more Australians will have the opportunity to participate in the wider Asian economy.

“This could not only result in Australians physically moving offshore, but making investments in assets and capital moving from Australia to our Asian competitors, while they remain in Australia.

Advertisement
Advertisement

“This scenario poses a high risk not just for tax revenue, but for Australian business profits and Australian jobs.”

Mr Hockey also spoke about the need to lower income taxes over time and criticised proposals by Labor for tax reform in areas such as superannuation.

“What is clear is that only a government that is serious about budget repair can deliver lower taxes over time,” said Mr Hockey.

“A government that cannot contain expenditure inevitably falls into the trap of searching for new sources of revenue – as our political opponents are now with new taxes on superannuation, electricity and jobs.”

This, he said, “hurts growth, which reduces tax revenue – creating a vicious cycle”.

Hockey flags offshore investment risks
mortgagebusiness

 

Latest News

The Coalition government’s return to office has lifted the sentiment of property investors, which is likely to trigger a “bounce” in m...

The corporate regulator’s new product intervention powers have been welcomed by the CEO of the Financial Rights Legal Centre, in the hope ...

Expectations of a cut to the official cash rate have been heightened after RBA governor Philip Lowe conceded that an adjustment may be “ap...

FROM THE WEB
podcast

LATEST PODCAST: How the mortgage sector will be impacted by the federal election

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.