Soheil Abedian, founder of Gold Coast-based developer Sunland Group, has called on Prime Minister Tony Abbott to hike the company tax rate to 45 per cent and tax those earning above $1 million as highly as 75 per cent of their income. Abedian is the chairman of Sunland, which recently increased profit guidance for 2014-15 from $20 million to $28 million.
“I am one of the rich guys in Queensland; take it [tax] from me,” he told Fairfax Media. Abedian said he believes Australians earning under $50,000 should pay no personal tax, and the rate from there should progressively go up. He said it was not the percentage of tax that mattered, but rather, how much income a person was left with once they paid tax.
Abedian said that instead of scrapping negative gearing, the government should just increase taxes. “If negative gearing is benefiting some people who are rich, then increase their taxes,” he said. “If it’s increasing the profitability of the development industry, then increase the corporate tax rate. I would never advocate for industry to be destroyed. We took concessions off the textile industry. We took concessions off the car industry. Every single industry where we take concessions out we destroy the industry. Concessions are important for job creation.”