Publication date: 09 May 06 |
Source: THE TAX INSTITUTE
"The 2006-07 budget, with a plethora of tax cuts and benefits for families totalling $36.7 billion is only part of the bigger picture. The plan to simplify the small business concessions and superannuation are most welcome" reflected Andrew Mills, President of the Taxation Institute of Australia
"Even small changes such as the removal of the part-year tax threshold and the funding of the ATO to explore pre-population of tax returns should deliver incremental compliance savings. Further changes to family trust election rules, the reporting requirements under the ultimate beneficiary rules and simplifying the tax collection mechanism for taxable income distributed to non residents by Australian managed funds will also bolster these compliance savings."
"The budget is only a strong first step forward in reducing compliance costs. These changes need to be coupled with a reconsideration of the way that tax laws are drafted and examined by Parliament. We need tax law to be accessible, easier to understand and easier to comply with. This will be of significant benefit to both Government and the broader community'" said Mr Mills.