On 29 March 2015 the Commonwealth Treasurer, Joe Hockey, released a major discussion paper on the Australian taxation system, entitled Re:think - Tax Discussion Paper. The discussion paper is intended to begin a dialogue on how Australia may create a tax system that supports higher economic growth and living standards, improves international competiveness and adjusts to a changing economy and new opportunities.
The discussion paper covers the following topics:
- 1. Challenges for Australia’s tax system
- 2. Australia’s tax system
- 3. Individuals
- 4. Savings
- 5. General business tax issues
- 6. Small business
- 7. Not-for-profit sector
- 8. GST and State taxes
- 9. Indirect taxes
- 10. Complexity and administration
- 11. Tax system governance
- Attachment A: Tax complexity metric
- Summary of discussion questions.
The full text of the discussion paper is available at the dedicated Bettertax website.
The community’s responses will inform the government’s tax options Green Paper, due to be released in the second half of 2015. The government will seek further feedback on those options before putting forward policy proposals for consideration by the Australian people in 2016.
Submissions and suggestions on the discussion paper can be made at the Bettertax website until 1 June 2015.