Source: The Tax Specialist Journal Article
Published Date: 1 Feb 2016
This article reviews the Australia's future tax system report's responses and recommendations in relation to future developments of consumption taxes in Australia. The review demonstrates that the proposed "cash-flow tax" in the Henry review is not suitable for Australia due to potential problems caused by this tax, and discusses other recommendations related to GST, payroll tax and "financial services tax".
This article takes a further step to examine Australia's current level of reliance on GST as a revenue source and suggests the existing GST system be reformed by increasing the GST rate or broadening the GST base, in order of preference. The interaction between GST and other taxes as well as difficulties involved in implementing any changes to the GST rate or base is also discussed in this article. At the time of writing, the government's tax reform options paper had not been released.
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