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Resolving the key tax issues for the economy and the environment

Publication date: 17 Jan 08 | Source: THE TAX INSTITUTE

“The 2008-09 Budget is a crucial opportunity for the new Government to set the future direction of Australia’s taxation system and address its systemic issues” noted Sue Williamson, President of the Taxation Institute of Australia.

“The funding of the Government's key platforms depends on the collection of revenue through an efficient tax system. Therefore, the Government needs to address a range of critical issues impacting on our tax system in the 2008-09 Budget. These issues, set out in the Taxation Institute’s pre-budget submission, range from the need to deal with skill shortages within tax practice to resolution of current tax issues arising from climate change abatement strategies and to reviewing the inequities in, and complexity of, the fringe benefits tax system.”

The Taxation Institute’s submission includes a request for the Government to focus on the vexing problems associated with tax law complexity and growing compliance costs as well a number of more technical tax changes aimed at improving the fairness of the system.

“Tax policy needs to be built into broader policy platforms such as the environment and cultural and religious diversity. For example, longer term taxation issues associated with any future carbon trading scheme or carbon tax need to be addressed as an integral part of the policy formation process”, urged Ms Williamson. “Similarly, tax issues need to be taken into account in policy decisions relating to increasing the availability of loan funding for businesses through steps such as removing barriers to the Islamic banking sector.”

“There is a lot to be done to improve the current taxation system - reducing complexity and clarifying issues. However, just as importantly, if not more so, is the need for the Government to ensure that tax policy is factored into larger policy decisions that have a major impact on the broader Australian community”.

Download a copy of the Taxation Institute of Australia’s Pre-Budget Submission 2008-09 at
http://www.taxinstitute.com.au/files/ts/2008-09_Prebudget_submission_tax_institute.pdf