The Federal Government has set itself an ambitious target to reduce Australia’s regulatory burden by $1 billion every year. To put this in context, the proposed repeal of the carbon tax will reduce regulation by approximately $90 million; there is a long road ahead to reach the $1 billion mark.
With this in mind, The Tax Institute is engaging with the Government with a view to identifying areas in the tax system that could be looked at though a deregulation lens. This could be anything from specific policy changes to administrative changes, or duplication of information requests, inefficient forms of election, streamlining opportunities, etc.
I am keen to hear members’ views on this and would appreciate any thoughts you may have. We are looking to provide input to the Government early in the new year. Please contact me via Tax Policy.