Australian businesses lose out on tax

A survey by PriceWaterhouseCoopers and the World Bank says Australia’s corporate tax system is “barely competitive”, ranking it 48th in the world. Taking into account superannuation, payroll tax and fringe benefits tax, the survey calculated total tax for business at 50.3 percent of profits, which sees us rank 127 from 181 countries on that criteria.

“By standing still, Australia is going backwards. The report confirms concerns about our system and the pressing need for the Government's taxation review,” says Tim Cox, a PriceWaterhouseCoopers tax partner.
 
The Federal Government has flagged a tax system review, which will be headed by Treasury secretary Ken Henry.