Proposed business tax will 'drive investment offshore', Bunnings boss warns

Contributing sentiments towards policy:

52% : He will reference a proposal by the Productivity Commission to slap a five per cent cash flow tax on large companies.
52% : "They need to be reduced but, given the state of fiscal policy, that can only be achieved through wholesale tax reform: standing back and considering all state and federal taxes and restructuring them in a more efficient way," Mr Chaney will say.
50% : Massive employer Wesfarmers, which runs Bunnings, Kmart, Target and Officeworks, is holding its annual general meeting at 4pm on Thursday where its chairman Michael Chaney will lament large taxes imposed on big companies.
49% : It would also lower the corporate tax rate for businesses with revenue between $50m and $1b from 25 to 20 per cent.
49% : Wesfarmers currently pays corporate tax of 30 per cent on its Australian profits alongside another eight per cent in payroll tax and other Government taxes and charges, according to Mr Chaney.
43% : "Including an additional cash flow tax of five per cent, our total adjusted tax take of about 43 per cent, which would make Australia's taxation regime one of the most onerous in the world; and have no doubt - it would drive investment offshore," he will tell shareholders.
41% : Australia risks driving investment offshore if it imposes a proposed five per cent tax on large companies, the chair of one of the nation's largest retailers declared.
40% : He will attack Australia's overreliance on corporate and personal income tax which he argued are "too high".
36% : This tax would strictly apply to cash, rather than profits, and would allow businesses to deduct the full cost of capital investment against the tax.

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