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Tax reform: With 2020 vision

Published on 01 Aug 20 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

It is universally agreed that tax reform in Australia is necessary but obtaining agreement from all stakeholders on the design of an improved system, and implementing those improvements, seems an impossible task. Previous tax reform made some inroads, but our tax system has been creaking under its own weight for far too long. The COVID-19 pandemic may provide the impetus for reform. The Henry review remains a blueprint for the reform of Australia’s tax system and many of the recommendations contained in the report are worthy of consideration, even 10 years on. Against this backdrop, this article considers issues with the taxation of fringe benefits, the corporate tax rate, the top marginal tax rate and the CGT discount, the taxation of trusts, small business tax concessions, Div 7A, individual tax residency, the personal services income rules, the superannuation guarantee regime, and the state of consultation on legislative amendments.

Author profile

Robyn Jacobson CTA
Robyn is the Senior Advocate at The Tax Institute. She has nearly three decades in the profession, including a public practice background which preceded her various training roles over 23 years. Robyn continues to be a regular conference and webinar presenter, and is an avid advocate, social media commentator, columnist, blogger and podcaster. She is also regularly quoted in the media. Robyn is a Fellow of both CA ANZ and CPA Australia, and a Registered Tax Agent. She regularly consults with The Treasury, ATO and professional bodies including as a member of the ATO’s Tax Practitioner Stewardship Group. Robyn was recognised in the Women In Finance Awards 2019 as the Winner of Thought Leader of the Year and was named in the global Top 50 Women in Accounting 2019. She was also recognised in the Australian Accounting Awards 2020 as the Winner of both Thought Leader of the Year and the Accountants Daily Excellence Award. - Current at 14 September 2020
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