Chartered Accountants ANZ (CA ANZ), the peak body for accountants in the ANZ region, has welcomed the Treasurer’s commitment to put tax reform on the agenda for the August Productivity Roundtable.
The statement of support comes in the wake of Treasurer Jim Chalmers’ recent address at the National Press Club, where he stated that tax reform is “an important part of the conversation” when looking at ways to boost productivity.
CA ANZ CEO Ainslie van Onselen said tax reform can help address key issues facing the economy, including sustainability, resilience and productivity.
“Tax reform is an important part of boosting productivity – and it’s the right step forward to have it on the table,” van Onselen said. “I’m glad to see the Treasurer acknowledged this… and we look forward to seeing tax reform firmly on the agenda at the Productivity Roundtable.”
CA ANZ pointed out that the current tax system is over-reliant on personal income tax and is unfair towards Australians who have also been facing cost-of-living and housing pressures.
“We need to move beyond calling for tax reform, and actually do it,” Van Onselen said, adding that the roundtable should discuss key areas such as personal income tax, capital gains tax, tax concessions and GST.
“CA ANZ has long advocated to reduce our current over-reliance on income tax,” she added. “We need to look at the appropriateness of tax concessions, as well as potentially harmonising how our state and federal taxes work together, to boost efficiency and equity across the board.
Van Onselen added that modernising laws to make them agile for the digital and gig economies is also key in improving the tax system.
“We look forward to working with the Treasurer on this important opportunity to improve our tax system and, in turn, boost productivity and make the budget more sustainable,” she concluded.
