The Gillard government's forecast $12 billion shortfall in tax revenue is largely due to a big dip in company tax,sac longchamp.
But it could be plugged by making changes to other corporate-related tax, leading economics group Deloitte Access Economics says.
Prime Minister Julia Gillard used a speech in Canberra on Monday to highlight the revenue problem and flag possible rises in taxes and charges in the budget to fund school and disability care promises.
According to an analysis by Deloitte Access,Hogan, the biggest shortfalls are in profit-related taxes: company tax, resource rent taxes and "other individuals" such as tax on unincorporated small businesses, interest, dividends and rent.
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Company tax revenues alone fell by 17 per cent in 2012 as the high Australian dollar and falling prices for commodities such as coal and iron ore sapped business profits.
The analysis suggests the "ugly" options the government could use to fill the $12 billion hole.
They include extending capital gains tax to the family home ($15 billion a year), taxing superannuation contributions at marginal tax rates ($14 billion),http://www.nasaqi.com/, upping the company tax rate to 35 per cent ($12 billion),Coach outlet store, or tripling the tax on cigarettes ($12 billion).
However, Deloitte Access said a more realistic option was reducing the "thin capitalisation safe harbour" from 75 per cent to 60 per cent and denying interest deductions available to Australian and foreign companies,foceng.com/gucci.
The government could also reduce the diminishing value rate for depreciation to 150 per cent, spread the deduction for first-use exploration assets over five years or their effective life and abolish the 40 per cent non-refundable tax offset for companies with a turnover above $20 million.
However,louis vuitton online, such measures could affect the global competitiveness of Australian-based multinationals and the resources industry,Tory Burch shoes. Related articles:

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