Australia’s Treasurer, Wayne Swan, has confirmed that, as expected, he has received the report on Australia's Future Tax System, produced by the review panel led by Ken Henry.
During the 18-month inquiry, the panel received around 1,500 formal submissions and over 4,700 letters, and the review team participated in discussion forums held throughout Australia.
The Treasurer announced that the report will lay the foundations for a long-term plan for reform, to make Australia’s tax and transfer systems fairer, simpler and more competitive. As the government has been saying for some time, it will consider the review and release it in early 2010, along with an initial response.
Last month, in a speech, Swan explained that he expected the report to provide a 10-year plan for reform.
He predicted that the government’s response to the review's recommendations would be in various forms, but suggested that there may be some things that could be done immediately, or at least that the consultation and development process could be launched immediately on.
At that time, he reflected on the unfairness of the current superannuation system, and also looked forward to a simpler tax and transfer system. Company taxes were also flagged up as being on the review’s radar.
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