08 Aug 08 "Laying the groundwork for future tax reform" - Taxation Institute welcomes Treasury Discussion PaperIn a media release issued on 6 August 2008, the President of the Taxation Institute of Australia, Sue Williamson FTIA, welcomed the Treasury’s release of its report "Architecture of Australia’s tax and transfer system".
Ms Williamson said 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.
“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,” Ms Williamson said. “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.”
“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 said.
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. To maximise input from Australia’s taxation practitioners, the Taxation Institute will be undertaking a communications program to seek its members' views, ranging from face to face roundtables to the use of the internet.
For a copy of the Taxation Institute's media release, 6 August 2008, go here