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Call made for more guidance

THE Federal Government must do more to help businesses through the tax reform maze, warns the Australian Society of CPAs in its pre-budget submission.

CPA executive director David Edwards said businesses of all sizes were grappling with massive, unprecedented change and needed more practical assistance.

“In framing its budget, the Federal Government must address several key principles to ensure the continuation of sustainable economic conditions.

“These include the maintenance of low inflation and low interest rates,

fiscal restraint, minimisation of regulatory burden, effective and efficient

markets, minimal impediments to employment and assistance to innovative enterprises.

“Recognising wide spread business and community concern with Aust-ralia’s retirement income and savings policy, we recommend an independent review focusing on the needs of Australia’s ageing population.

“In addition, we call on the government to remove the super surcharge as part of on-going tax reform.

“This is consistent with the government’s commitment to a simple, transparent and fair tax system.”

The CPA’s pre-budget submission also recommends the government extends its commitment to research and development, tax concessions and incentives to encourage business to adapt to technology opportunities.

In particular, the submission encourages support of the informal equity market.

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