Speaking on Monday, tax counsel for the Institute of Chartered Accountants in Australia, Ali Noroozi called for the country's tax legislation to be substantially overhauled.
Urging the government to publish a white paper looking at the current system and consulting on the changes needed, Mr Naroozi drew attention to the gulf between the top marginal tax rate and the corporate tax rate as one of the key areas in need of reform.
"At the moment, because there is such a big difference between the top marginal tax rate and the company tax rate, there are always people who do explore all sorts of ways of warehousing funds in companies," he explained in an ABC Radio interview.
He reportedly went on to suggest that fears regarding the likely implications for revenue collection of a drop in the top marginal rate are unfounded, observing that:
"We dropped the business tax rate but that hasn't necessarily meant collecting less tax from business."
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