BCA’s tax overhaul

THE Business Council of Australia this week outlined a series of tax reforms viewed as necessary to ensure Australia’s future prosperity. BCA president Hugh Morgan said Australia could no longer ignore the need for major tax reform when the structure of the current system would increasingly undermine Australia’s future sources of growth and competitiveness. BCA outlined a series of detailed reforms including: • An overhaul of Commonwealth-State tax and spending roles and responsibilities, including a major overhaul of state taxes; • Personal income tax being levied, ideally at a single low rate for upper income earners of 30 per cent, to bring it in line with company tax; • Comprehensive simplification of tax administration and compliance; • Linking tax reform to other areas of the economy to help drive improved outcomes in these areas. The BCA also proposed solutions to personal tax and savings, business tax and investment, tax administration and compliance costs, and Commonwealth-State tax structures. “In short, we need a simpler and more effective tax system,” Mr Morgan said. “The current system is too complex and unwieldly for it to remain a part of Australia’s growth equation.”

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