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Could banks face super-profits tax?
The Prime Minister has played down fears that other sectors could face a mining industry-style 'super-profits' tax.
Kevin Rudd maintained that the tax would remain "unique to the resources sector" after comments from Treasury Secretary Ken Henry implied that the tax could be rolled out to all companies - including banks - as part of a long-term reform agenda.
Henry's recommended at a tax conference in Sydney that lowering the company tax rate towards 25 per cent should be a short-term target, eventually Australia would need a better method of taxing companies. He suggested that companies would be able to earn up to the government bond rate tax-free, but would then pay a heavier tax on 'super-profits' above that level.
The idea of extra levies on banks is one that has gained traction around the world in recent months as a reaction to banks' roles in the GFC. The UK, France and Germany all announced plans to tax banks operating in those jurisdictions yesterday.
By Kevin Eddy | 23 Jun 2010
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