The State Budget plays a fundamental role in determining the economic direction of Queensland’s future, impacting the lives of those who live and work in this community. We are of the view that developing the State Budget requires input from a diverse range of stakeholders whose views and experiences can assist the Government in addressing the most pertinent issues.
The Tax Institute is the leading professional body for the tax community in Australia. We have consulted with our Queensland State Taxes Committee to deliver a submission that outlines the key issues related to tax and duty that we consider should be prioritised by the Government in the upcoming State Budget.
The importance of the State Budget in the face of the ongoing cost of living pressures Australians continue to face cannot be understated. It needs to support Australians during these difficult times by reducing compliance costs and providing greater certainty on the application of tax laws for taxpayers. Examples include clarification of the application of, and streamlined record keeping for, a relevant contract for payroll tax purposes, or the imposition of payroll tax on businesses with a small presence in a state.
The Tax Institute also supports the harmonisation of state taxes and levies. This will reduce and simplify the compliance burdens for businesses and taxpayers, facilitating greater self-compliance with taxation obligations.
It is important that the Queensland Revenue Office (QRO) is adequately funded to provide the contemporary services expected from a leading revenue administration authority. The funding could be used in a number of ways to improve the taxpayer experience, including updating the suite of online services offered and an increase in the staff that assist taxpayers with their queries and compliance obligations.