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Industry finds new depreciation proposals taxing
Peak industry body Tourism and Transport Forum Australia says the country’s tourism product would be placed at a disadvantage globally if the government adopts options contained in the Business Tax Working Group’s discussion paper.
The options include a move to remove accelerated depreciation schedules for hotels and aircraft.
"Some of the group’s depreciation options would seriously undermine the tourism industry’s efforts to remain internationally competitive," said John Lee, TTF chief executive.
"By removing the 10-year depreciation schedule for aircraft we would see older aircraft flying in Australian skies for longer at a time when international airlines are upgrading their fleets.
"The proposal to include hotels and tourist accommodation in the same depreciation regime as commercial buildings would further deter investment in new developments and refurbishment."
Lee said the proposal would run contrary to government initiatives such as the Australian Tourism Investment Guide.
"For Australia to remain a competitive destination we need a tax regime that enables rather than detracts from industry’s ability to meet the needs of an increasingly discerning tourist," Lee added.
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