The Tax Institute welcomes the opportunity to make a submission to the Treasurer in relation to the 2019-20 Federal Budget. We refer to the media release issued by the Assistant Minister for Treasury and Finance, Senator the Hon Zed Seselja, inviting submissions for the 2019-20 Federal Budget where the Government has expressed its intention to keep the economy strong and guarantee the essential services on which Australians rely'.
The Tax Institute considers that a structurally sound Australian tax system is required to support the Government's goal of keeping the economy strong and ensuring sufficient revenue is raised to support the provision of essential services relied upon by Australians.
To achieve a structurally sound Australian tax system, one must cast an honest and critical eye over the current system and decide whether all the features of the current system should remain or should be removed in favour of new or modern features that better support Australia's economic needs. Such a pursuit requires a strong political will.