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Re: think: Implications of the Tax Discussion Paper
The Government has released a very broad reaching tax discussion paper that traverses many different areas of taxation, and seeks to start a conversation about a tax system for the future.
As an historical record of the current taxation mix and approach, the discussion paper achieves a level of education and summary that will be helpful in navigating a future path. The paper shows some propensity for action on certain areas and marks out some areas as no-go zones. But for the main part, it puts many issues firmly on the table for discussion, but does not offer any conclusion. It will be left to the submissions process and the ensuing dialogue to shape that future path as part of the Green Paper process, leading to the eventual White Paper.
The usual aspects of Australia’s recent taxation discussions are addressed, including:
- negative gearing
- CGT discount
- corporate tax rate
- superannuation, and
- international arrangements.
Many of the 66 questions in the discussion paper are very open, which could lead to a multitude of different responses: it will be a challenging exercise to work through submissions that vary significantly in approach or focus, while responding to the same question – and a difficult process to refine the submission process to a series of coherent and specific actions.