Tax sugar to boost welfare

NEW taxes on sugary drinks, alcohol and mining companies should be introduced to fund a $4 billion boost to welfare payments, the nation’s leading social services body says.

In its 2017 Budget submission, the Australian Council of Social Service has called on the Turnbull Government to scrap almost $10 billion worth of “wasteful” tax concessions including negative gearing and capital gains tax discounts.

The group has also recommended seven new taxes it claims would generate billions of dollars that could fund a $54-a-week boost to pensions and a Rent Assistance increase.

Some of the other recommendations include tightening the tax treatment of private trusts and companies ($2.7 billion by 2018-19); axing capital gains tax concessions for small business ($300 million by 2018-19); and abolishing the Extended Medicare Safety Net ($430 million 2018-19).

ACOSS has also urged the Government to scrap the socalled “zombie” savings measures that have sat on its books for almost three years and are unlikely to pass the Senate.