RAJ REPORT

Would Increasing the GST lead to abolishing Insurance Taxes and lower premiums

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• 12.5% GST replacing less efficient taxes – increase GST rate to 12.5% to fund the abolition of

selected relatively inefficient taxes.

• 15% GST replacing less efficient taxes – increase GST rate to 15% to fund the abolition of

selected relatively inefficient taxes.

• 20% GST replacing less efficient taxes – increase GST rate to 20% to fund the abolition of

selected relatively inefficient taxes.

• Uniform GST replacing less efficient taxes – extend the 10% GST to all goods and services

(except those that are currently input-taxed) to fund the abolition of selected relatively inefficient

taxes.

The inefficient taxes to be abolished are in the following order:

1. Insurance Taxes – Insurance Duty and Fire Insurance Levy;

2. Motor Vehicle Taxes – Stamp Duty and Motor Vehicle Registration;

3. Commercial Conveyancing Duty; and

4. Payroll Ta

 

 

https://www.cpaaustralia.com.au/~/media/Corporate/AllFiles/Document/professional-resources/taxation/kpmg-econtech-final.pdf.

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