This can be funded by reducing tax offsets for R&D development, it says. What a silly idea this is. Reduce R&D and we will have nothing new to sell. This is like robbing Peter to pay Paul. These are the same companies who will enjoy the corporate tax cut. By cutting back on gas, oil, agriculture and transport tax write offs, there will no overall benefit. Furthermore, ending tax deductions for multinationals will slow foreign investment not improve it.
These inquiries are often a waste of public money. They make recommendations that are usually only the "moving of furniture around the room". Nothing fresh and forward looking is ever suggested by them. The TWG even says the government will collect more revenue by these changes, so it can lower the general tax rate. Great, everyone pays less tax.
What a wonderful state of affairs this will be. Of course, we will pay the "same" tax to government, whether it is direct tax or indirect tax. The TWG are in dreamland.