Miscellaneous 2022

Streamlining the tax system for individuals

Source: Taxation In Australia Journal Article

Published Date: 1 May 2022


While political parties all seem to be presently shying away from any tax reform, the individual tax settings will continue to remain among the most problematic for Australia into the foreseeable future. Completely out of step with the rest of the world, personal income tax is the most important and largest source of government revenue, consistently raising approximately half of total revenue since the 1970s. While the rest of the world has shifted to balance individual and corporate taxation with consumption taxation, Australia continues to be overly reliant on taxes that tend to create disincentives and act as productivity brakes on our economy. Moreover, the ongoing failure of successive governments to address the lack of integration of the tax and social security systems has resulted in ludicrous effective marginal tax rates for certain groups - more often for those at the most potentially productive stages of life. The challenges and opportunities for designing a future tax and transfer system for Australia have been identified in this section of the Case for Change.

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Miscellaneous 2022

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