10 Sep 10 Preamble - Friday, 10 September 2010This week the Taxation Institute congratulated Prime Minister Julia Gillard on being able to form a minority government with the support of three independent MPs and one Greens MP. We look forward to a promised renewed focus on tax reform, but await the details of a proposed revisiting of the Henry Review recommendations in a tax summit by June 2011.
The Taxation Institute is quietly optimistic that the promise of renewed consultation means the returned Government and aligned independents are serious about tax reform. Tax reform should be close to the top of any list of national priorities and we support a process that is more transparent. It's time to move beyond sound-bites and rhetoric to implement changes that make the tax system simpler, fairer and more equitable. The tax reform debate has to move beyond taxation levels for individuals, businesses and the resources sector and focus on structural reform. For example, the legislation governing taxation of trusts is more than 50-years-old and must be brought into the 21st Century. You can read more about this in the media statement by Taxation Institute President David Williams.
Please see below for details of other activities this week.
Robert Jeremenko FTIA