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Frydenberg Comments On Oz Tax White Paper

by Mary Swire, Tax-News.com, Hong Kong

16 April 2015


The Australian Government will put forward its final Tax White Paper policies before the next general election, Assistant Treasurer Josh Frydenberg has said.

Frydenberg told a Financial Services Council event that the Government is "receptive to ideas about how we can make the tax system better." He said that it has "not ruled anything in or out of consideration" in the tax discussion paper published last month, and wants to "gather as many ideas as we can, and start to investigate and evaluate them."

The release of the discussion paper, Re:think, on March 30, marked the launch of the delayed Tax White Paper process. According to Frydenberg, "there were a number of key takeouts from the discussion paper: tax compliance costs are in the order of AUD40bn (USD31bn) a year; we have an over-reliance on income and company taxes, which contribute around 70 percent of tax receipts; and the pernicious effect of bracket creep as people move into higher tax brackets without tax cuts."

Submissions on the discussion paper close on June 1, 2015. The Government will release an options paper later this year. "The Government's final policies will then be put forward for consideration by the Australian people before the next election," Frydenberg said.

The next general election must be held on or before January 14, 2017.

TAGS: compliance | tax | tax compliance | corporation tax | Australia | tax thresholds | ministry of finance | tax rates | tax reform | individual income tax

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