It’s time to start a conversation about tax reform

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It’s time to start a conversation about tax reform

30 March 2015: The Federal Government today published its long-awaited tax reform discussion paper which first impressions suggest is a wide-ranging document posing broad-based questions.

But a closer look reveals a lot more, according to David Watkins, Deloitte Partner, Tax Insights and Policy.

“The paper is intentionally simple in its language and approach, with very broad overarching consultation questions, which opens up its scope enormously,” he said. “However, looking more closely at the content, it is possible to see some indicative directions which Treasury would like the community to focus on.

“For example, there is significant discussion around the short and long-term economic benefits of reducing the company tax rate, a debate about the continuing relevance of the imputation system and a fresh look at the exemptions which may indicate a broadening of the GST base.

“Certain key taxation no-go zones, such as death duties or making the family home subject to Capital Gains Tax, appear to be preserved, given their ‘light touch’ in the paper.”

Chris Richardson, Partner, Deloitte Access Economics, added: “We welcome the release of the tax discussion paper as the first step in building consensus for the key reforms Australia needs to consider if we are to build a better and fairer tax system.

“This is a conversation our nation needs to have, in order to work towards a future that is both prosperous and fairer for all Australians.”

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