Senator Gerard Rennick has released the taxation policy for his People First Party, designed to
empower the Australian people. He said it will improve Australia’s productivity and stem the
erosion of Australia’s tax base.
“Our new tax policy is aimed at directly benefiting Australians and putting people first. It is
designed to provide substantial relief to low- and middle-income earners, who are the engine
room of our economy. By raising the tax-free threshold from $18,200 to $40,000, we’re allowing
hardworking Australians to keep an extra $3,500 of their earnings, making a real difference in
their everyday lives,” Senator Rennick said.
“We are committed to simplifying superannuation to make saving for the future easier and more
rewarding. By making the first $25,000 earned in a superannuation account tax-free, and
allowing up to $65,000 of tax-free income for retirees, we’re helping Australians save more
effectively and retire with greater financial security.”
“Our policy addresses critical issues like capital outflows and corporate tax complexity. We will
increase the withholding tax on profits sent abroad to 15% and on interest paid to non-treaty
countries to 30%. These measures will keep Australian wealth within our borders and ensure it
contributes to our economy.”
The People First Party policy also addresses corporate tax reform and aims to reduce the
paperwork burden on businesses and shareholders.
“People First Party are proposing to lower the corporate tax rate to 25% and replace franking
credits with a new rebate system. While it looks like a tax cut, it isn’t, as it will be revenue
neutral. The real net rate of company tax is around 15 per cent and is expected to decrease
further due to the decision to refund franking credits so taxing companies at the current rate of
30 per cent, only to refund half of that is not efficient.” Senator Rennick has been critical of
former Howard Government Treasurer Peter Costello’s decision to refund imputation tax
credits, saying it has resulted in significant tax erosion.
“We need to also replace the 50% discount on capital gains tax with an indexation of the cost
base method to help equalize tax rates between different income types and stabilize property
prices. The discount on capital gains tax has helped contribute to asset price increases much
higher than the increase in wages and has resulted in more Australians being unable to own
their own home, imposing a social tax on the entire economy. It’s time real action was taken to
make home ownership more attainable for Australians.”
“Our plan includes removing inefficient taxes as well. We will work with state governments to
abolish payroll tax and introduce a 1.5% stamp duty on share purchases and derivatives. This
will ease the tax burden on businesses and create a more equitable tax system.”
“Finally, we are closing loopholes and ensuring that foreign interests contribute fairly to our tax
base. With over $3 trillion in superannuation, Australia does not need to provide tax
exemptions to foreign interests to “attract capital.” We will eliminate tax exemptions for
foreign bondholders, remove corporate interest deductions on untaxed foreign income, and
abolish capital gains tax exemptions for foreign investors. Our goal is to ensure that the wealth
generated within our borders benefits Australians first, not foreign interests.”
“This policy sets a new standard for economic sustainability and fairness. It will deliver
immediate benefits to Australians, support domestic growth, and preserve our wealth for future
generations.”
“This is the most comprehensive tax reform plan proposed by any political party in Australia,”
Senator Rennick said.
ENDS
