The Business Council of Australia welcomed today’s introduction of measures to relieve the tax burden on skilled temporary residents.
BCA Chief Executive Katie Lahey said the measures, which include addressing capital gains tax and cross-border employee share scheme issues, would have a significant and positive impact on Australia’s ability to attract the best global talent.
“In the face of current challenges to workforce participation, being able to draw on the growing pool of highly-skilled, internationally mobile individuals is becoming increasingly important for Australia’s prosperity.
“Australia faces tough competition in terms of attracting these workers, and we believe it is important that the tax system does not penalise temporary residents or impose excessive costs on the local businesses that employ them.
“These measures are critical to removing unnecessary imposts on temporary skilled residents, across a range of trades and occupations, and we welcome them wholeheartedly,” Katie Lahey said.
“The measures will also simplify business compliance in these areas.
“We call on all parties to support these measures.”
The BCA also welcomed the introduction of measures to deal with so-called black hole expenditure. This will address long-held business concerns over legitimate business costs that were ineligible for a tax deduction under ordinary provisions.