Australian business tax breaks at risk over bank inquiry

21 Apr 2018  2063 | World Travel News

The heads of major banks ANZ, NAB, Commonwealth Bank of Australia and Westpac all said the Royal Commission was now necessary to expose and eliminate a pattern of high and unnecessary charges to customers. — Reuters picThe heads of major banks ANZ, NAB, Commonwealth Bank of Australia and Westpac all said the Royal Commission was now necessary to expose and eliminate a pattern of high and unnecessary charges to customers. — Reuters picMELBOURNE, April 21 — Proposed tax cuts for Australian businesses are at risk following explosive evidence uncovered in an inquiry into the financial services sector, including revelations that financial advisers knowingly charged dead clients for up to a decade.

At least two crossbenchers, whose support the conservative government’s aim to cut the business tax rate from 30 per cent to 25 per cent, have raised concern about the proposed cuts, stating that a string of highly damaging admissions made during the Royal Commission was “not going to help the government’s case”.

Independent lawmaker Tim Storer told Fairfax Media today that public support for the proposal could be difficult to secure, while fellow independent lawmaker Derryn Hinch went further, labelling banks “crooks”. He said that he would only support the tax cuts if banks were excluded.

On the same day that the government faced a fresh challenged to its proposal, the heads of Australia’s biggest banks and financial services operators admitted that they were wrong to resist the Royal Commission inquiry into their operations for so long.

The heads of major banks ANZ, NAB, Commonwealth Bank of Australia and Westpac all said the Royal Commission was now necessary to expose and eliminate a pattern of high and unnecessary charges to customers, misconduct and instances of one company, AMP, admitting that it lied to the corporate regulator at least 20 times.

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