13 May 088 A review of Australia’s tax systemThe Treasurer has confirmed that the Government will conduct a comprehensive review of Australia’s tax system to create a tax structure that deals with the demographic, social, economic and environmental challenges of the 21st century.
The review will encompass Australian Government and State taxes, except the GST, and interactions with the transfer system, and will consider:
- The balance of taxes on work, investment and consumption and the role for environmental taxes;
- Further improvements to the tax and transfer system facing individuals, families and retirees;
- The taxation of savings, assets and investments, including the role and structure of company taxation;
- The taxation of consumption and property and other state taxes;
- Simplifying the tax system, including the interactions between federal, state and local government taxes; and
- Interrelationships between the elements of the tax system, as well as the proposed emission trading system.
The review panel will be chaired by the Secretary to the Treasury, Dr Ken Henry AC and will also comprise Mr Greg Smith (Australian Catholic University); Dr Jeff Harmer (Secretary of FaHCSIA), Heather Ridout (Australian Industry Group), and Professor John Piggott (University of New South Wales). The review panel will be supported by a working group from within the Treasury, with representation from the Department of Families, Housing, Community Services and Indigenous Affairs, and drawing on other Australian Government and State agencies as appropriate.
The review will be conducted in several stages. An initial discussion paper will be released by the end of July 2008. The review panel will provide a final report to the Treasurer by the end of 2009.
For a copy of the Treasurer's media release, No 2008/36, 13 May 2008, go here