Australian professional tax body, the Taxation Institute of Australia, has welcomed the release of the Treasury’s recent report - Architecture of Australia’s tax and transfer system - which addresses the future of the various methods of taxation in place within the country.
President of the Taxation Institute, Sue Williamson, announced that she was pleased the Treasury Paper clearly set out the structure of Australia’s tax and transfer system, as it highlighted the complexity of the current system.
She stated that: "Although the Commonwealth has held tax reform reviews every decade since 1920, with the exception of the period of World War II, this paper marks a first step in creating a tax system for the next 20 years."
“By clearly outlining the complexity of the current tax regime, we now have a good platform for the Review Panel and industry to work towards a positive reform agenda that will see a simple and fair tax system for all," she added, continuing:
“This Architecture Paper is a crucial first step forward in the process and we look forward to seeing the Review Panel releasing their focusing questions in the near future so that tax professionals, who are all too aware of the tax issues, can start contributing to this reform process."
Ms Williamson concluded: “Given 125 taxes and 40 transfer systems, there are surely better ways to collect the revenue, given that only 10% of these taxes manage to satisfy 95% of Commonwealth needs and 75% of State and Local Government revenue requirements.”
The Taxation Institute has been a strong contributor to the tax reform debate since 1943, and will be making a submission in response to the Review Panel’s questions, it announced.
To maximise input from Australia’s taxation practitioners, the Taxation Institute will be undertaking a communications program to seek member views, ranging from face to face roundtables to the use of the internet.
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