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Design alternatives for an Australian allowance for corporate equity

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Published on 01 Oct 16 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE

Alternative details of an allowance for corporate equity (ACE) tax to replace the corporate income tax in Australia are assessed in terms of comparative effects on market outcomes, government revenue, efficiency, equity and simplicity. At the corporate level, alternative measures of the equity capital base, the ACE deduction rate, the ACE tax rate and the treatment of losses are evaluated. In general, the unambiguous superiority of one alternative cannot be established. Also discussed are the status quo versus alternative complementary changes to current arrangements for the taxation of capital income of resident savings, withholding taxes on non-resident returns, and asset taxes. Again, a range of acceptable alternative details for the design of a comprehensive capital income tax reform package, including an ACE, are available.

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John Freebairn
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