Josh Frydenberg has made it very clear that it is high time to introduce income tax cuts. This decision has been made by seeing the state of the Australian economy in the worst position since the time of World war 3.
The GDP of Australia has fallen by 7 percent for the quarter of June. This has become a matter of major concern for the department of tax return Melbourne. And this has happened due to the lockdown imposed on Australia because of COVID-19.
It is being expected that on October 6, Josh Frydenberg will introduce the budget and the plans about the upcoming versions of JobMaker will be introduced. Providing such information is very crucial as most of the works related to tax are done online by the department for online tax return Melbourne.
When a journalist asked Mr. Frydenberg about whether they are going to cut down the personal tax, he said, “We are on it as this issue has been under our consideration for a long time. Some modifications were made after the last election. Total changes in this field are not apparent as it will take place in three stages. If we somehow manage to put more money in the hands of people, they will spend more of it and eventually more jobs would be created.”
As you know the role of opposition in any working democracy, you can’t know about the whole scenario without listening to both sides. The person concerned with the treasury in the opposition had different viewpoints regarding Mr. Frydenberg. He said that Frydenberg is lacking on vision in all these steps. “Fridenberg started telling about the state of the Australian economy and then suddenly changed the topic to cutting the taxes in particular. It clearly shows that he had no more things to discuss the vision to get this economy in a better state. It’s definitely not the kind of leadership that we want for our economy, especially in this situation. More profound vision is needed in a time when the people of this country find it hard to pay the individual tax return.”
Based on the present situation, tax incentives in the field of infrastructure is very necessary so that business investments would be enhanced.
The situation of the economy will start changing once the effect of the virus reduces and the restrictions are lifted.
But it is very necessary to introduce a roadmap for the businessmen of this country because businessmen will start hiring more and more employees only after making sure that a good route has been decided for the recovery of the economy. Extra people with proper tax training will be needed to make more and more people aware of the financial aids that the government is providing for business owners. This will ultimately lead to enhanced growth of the business.
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