The Assistant Treasurer and Minister for Competition and Consumer Policy, Chris Bowen, on Friday released the Tax Design Review Panel's report Better Tax Design and Implementation.
The report makes 26 recommendations that propose significant changes to existing processes for tax design. The Government accepts in principle all the recommendations in the report.
“The recommendations put forward in this report when implemented will have the potential to significantly improve the development of tax measures and are consistent with the Government’s commitments to give Australians a greater say in government decision-making,” Bowen explained:
He continued:
“The Panel recommends more consultation at every stage of the tax design process including before the Government announces its decision to legislate and the establishment of a tri-partite team comprising Treasury, the ATO and the private sector to develop tax measures.
“By acting on the recommendations in this report, the government is delivering on a key election commitment to respond to community concern on the uncertainty created by the former government’s failure to implement tax changes in a timely way.”
The Panel’s recommendations will also mean greater transparency and include the posting on a public website of a summary of the issues that arose in consultation, and publishing a forward work program of legislation. It has called on the Government to endorse the Tax Issues Entry System (‘TIES’) previously recommended by the Board of Taxation under which the public could raise care and maintenance issues about the tax law.
The Panel also recommends that most measures should be prospective and introduced into Parliament within 12 months of their announcement with all retrospective measures introduced within six months of announcement.
This report also recognises that from time to time, there would be conflicts between the needs of consultation and drafting of measures for introduction, particularly in the case of integrity and Budget measures, which Bowen said would still have to remain confidential until the budget announcement.
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