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Turnbull withdraws state income tax proposal after COAG

Australian Prime Minister Malcolm Turnbull together with the Premiers and Chief Ministers take their seats during a press conference after the COAG meeting at Parliament House in Canberra, Friday, April 1, 2016. Australian Prime Minister Malcolm Turnbull today met with Premiers and Chief Minister for the Council of Australian Governments.
Australian Prime Minister Malcolm Turnbull together with the Premiers and Chief Ministers take their seats during a press conference after the COAG meeting at Parliament House in Canberra, Friday, April 1, 2016. Australian Prime Minister Malcolm Turnbull today met with Premiers and Chief Minister for the Council of Australian Governments. AAP Image - Lukas Coch

STATE and territory leaders have failed to reach an agreement on income tax changes following a meeting with the Prime Minister in Canberra.

But they did sign an agreement to receive $2.9 billion in hospital funding to June 2020.

Malcolm Turnbull had advocated for states and territories to levy a percentage of income tax independently, in exchange for the axing of some Commonwealth grants.

But no agreement was reached, with leaders instead moving to consider proposals to share income tax revenue with the states.

Mr Turnbull told reporters in Canberra that more analysis would be done on income tax and the initial proposal was "withdrawn" - just two days after it was unveiled.

Read more at ABC News Online

Topics:  coag income tax malcolm turnbull tax



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