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TTF urges tax reform to help tourism industry
Australia’s peak national industry body, Tourism and Transport Forum (TTF) is calling on the federal government to allow tax loss carry backs for tourism businesses, acknowledging the seasonal nature of the industry and the impact of natural disasters.
“We were encouraged by comments from Treasurer Wayne Swan in weekend media reports suggesting that such reforms may be announced in the 2012-13 federal budget,” said TTF chief executive, John Lee.
“A 50 percent capital works deduction bonus for tourism properties would also help to stimulate necessary investment in new accommodation development.”
Lee said renovations carried out at the Park Hyatt in Sydney – which officially relaunches today – were an example of the investment Australian tourism needed to improve its international competitiveness.
“High construction, real estate, labour and operating costs make it difficult for Australia to compete on price with other destinations in our region, especially with the dollar so high.
“So we have to be able to offer levels of service and luxury which present a compelling value proposition.
“The transformed Park Hyatt delivers absolute luxury in an incredible harbourside location, offering world-class standards and unparalleled views of the Sydney Opera House.”
Lee said tax reform could help to facilitate further investment in tourism product.
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