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A welcome cut!

Publication date: 24 Nov 05 | Source: THE TAX INSTITUTE

The Taxation Institute of Australia welcomes the Treasurer's announcement today to reduce the unacceptable volume of our tax laws by 30 per cent through repealing inoperative provisions as recommended by the Board of Taxation.

"For many years in its submissions to the ATO, Treasury and Government the Taxation Institute of Australia has expressed its concern with the growing size of our tax laws and their increasing complexity. The removal of inoperative provisions is a positive step in addressing these concerns and we look forward to working with Government on the draft legislation to achieve this," said Mr John de Wijn, QC, President, Taxation Institute of Australia.

"The Taxation Institute believes that the 30 per cent reduction is only the beginning of the required reform. Our tax laws are not just hampered by size alone but also by unacceptable levels of complexity," Mr de Wijn QC said.

The Taxation Institute welcomes this announcement but stresses that further steps must be taken to simplify the tax system and reduce the cost of compliance.