The coronavirus pandemic has now led to a steep decline in personal income tax, company tax and GST receipts, with the Treasury revising tax revenue down by $95.6 billion across 2019–20 and 2020–21.
Read more at Accountants Daily.
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Government hints at tax cuts despite plunging tax revenue
The Morrison government has committed to lowering taxes and creating tax incentives to stimulate the economy despite taking a $96 billion hit to tax revenue, while COVID-19 spending balloons to $164 billion.
