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First debate of the 2013 election season focuses on tax reform

Publication date: 24 Jul 13 | Source: THE TAX INSTITUTE

Wednesday 24 July, 2013:  The Tax Institute today hosted the first major debate of this Federal Election season, between the Assistant Treasurer, The Hon. David Bradbury, MP and the Shadow Assistant Treasurer, Senator Mathias Cormann.

“We’re proud to facilitate tax policy and administration being at the forefront of the political discussion” said The Tax Institute’s Senior Tax Counsel, Robert Jeremenko.

“Our tax system impacts heavily on a range of business, investment and employment decisions. Tax reform that ensures the efficiency and sustainability of our tax system is a crucial part of the broader policy debate, including affordability of government services.”

The Tax Institute welcomed both major parties’ commitment to addressing tax policy reforms across a range of areas, including taxation of multinationals and domestic businesses, superannuation, consumption taxes and state taxes.

With the Election looming, The Tax Institute calls on both parties to commit to undertaking the bold tax reforms necessary and release detailed policies.

“Australians deserve to know how and when both parties intend to progress tax reform in the interest of the nation,” Mr Jeremenko said.

“Tax professionals are after real reform of taxation, not merely tinkering around the edges, which we’ve seen in recent years.

“Glitches in the administration of our existing tax system are also an ongoing concern for business. More than 100 un-enacted tax measures continue to cause significant uncertainty for business and investors.”

Mr Jeremenko said tax professionals are concerned the current tax system is cumbersome, particularly for small business owners, and in serious need of simplification.

-ENDS

For more information contact: 

  • Robert Jeremenko, Senior Tax Counsel, 0468 987 300