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Never-ending tax reform and financial services


This article links a number of current tax reform topics that are relevant to financial services, including the Australian Future Tax System review and the upcoming Tax Summit in 2011, the Australian Financial Centre Forum/Financial Centre Taskforce, and Australian and OECD efforts to improve the operation of the international tax system in relation to collective investments. The focus is on the taxation of both income from capital (investment income) and labour income.The article discusses the impact of the current tax and AFTS's proposed tax system for labour income and the deleterious effects both have on domestic saving. It is pointed out that the taxation of income from capital is different from labour income. The article then discusses in detail the most obvious intersection of labour and capital income in Australia, namely, superannuation. The author comments that tax reform will be ongoing, but that constant tax change can be the enemy of the very objectives that are being sought to be achieved.

Author profile

Prof Richard Vann CTA
Prof Richard Vann, CTA, is Challis Professor of Law at the University of Sydney and a Consultant at Greenwoods & Herbert Smith Freehills. He has also taught at NYU Law School, Harvard Law School and the University of London. He has held many government consultancies in Australia, including the Review of Business Taxation (1998 - 1999), the Review of International Taxation (2002 - 2003) and the Australian Taxation Office Public Rulings Panels on international and indirect taxation (1995-2007). Most recently, he has been involved in various Board of Taxation work on managed investment trusts and collective investment vehicles, the attribution of profits to permanent establishments and as a member of Treasury’s BEPS Advisory Group. Richard is the Editor-in-Chief of the IBFD Global Tax Treaties Commentaries now being progressively published. - Current at 14 July 2017
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