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BANTS' must be the ants pants', according to Taxation Institute

Publication date: 07 Jul 99 | Source: THE TAX INSTITUTE

The Treasurer's announcement of a the new advisory Board for a New Tax System (BANTS) to assist in the implementation of the tax-package was welcomed by Taxation Institute of Australia President, Mr Gordon Cooper.

"Given the huge changes facing all businesses, in particularly small business, the advisory board is an important step in ensuring that the community assumes ownership of the new tax system," said Mr Cooper.

However, he warned that "unless the board is truly representative and independent then its chances of being an effective bridge between the tax office and business will be nil".

Moreover he emphasised that it would be vital that the board be adequately resourced.

The Taxation Institute of Australia has argued for many years that independent Advisory Boards in the areas of policy development and administration are crucial for a responsive and effective tax administration.

"The Government's decision not reveal the contents of the Small Business Advisory Council's recommendations on assistance for small business is disappointing. It does not augur well for the success of the Board. The Government should release the report, " Mr Cooper said.

"The success or failure of the implementation of tax reform is crucial for the future of the Australian economy. The Government must ensure that the process is open, efficient and effective, that is it must be the "ants pants" he said.