THE Tax and Revenue Committee is holding a public hearing in Melbourne tomorrow to explore tax engagement more broadly, covering tax professionals, commerce and academia, and householders across the community.
Committee Chair Kevin Hogan MP said the Committee will be interested to hear from Melbourne-based tax professional bodies about why so many Australians continue to rely on tax professionals to manage their tax affairs, post myTax.
An important area for review will be the way tax regulation intersects with corporate and criminal law, in the context of the black economy and tax evasion.
Professor Helen Anderson will explain the impact of phoenix activity—where businesses sequentially go bankrupt and re-form to hide profits and avoid tax obligations, on Australia’s revenue base and the competitive ‘level playing field’ for business.
Fintech payment innovator Airwallex will discuss the importance of compliance with Anti-Money Laundering and Counter Financing of Terrorism laws in the $300 billion global payment transfer market. Airwallex has developed a sophisticated client identification system to manage the risks.
The Committee will also hear from Your Life Choices, an online magazine for Australians 45 plus, about the tax and superannuation concerns of people approaching, entering or in retirement.
“Tax engagement is not just important at Tax Time each year,” Mr Hogan said. “It is also about defining the type of community you want to live in—one that offers a level playing field for business and the services that Australians expect.”
Public hearing details: 9.30 am to 3.30pm, Tuesday 18 July 2017, Committee Room G.1, 55 St Andrews Place, East Melbourne.
Please note: Members of the public attending the hearings should notify the secretariat in advance to gain entrance to the venue.
The hearing will be broadcast live at aph.gov.au/live
Interested members of the public may wish to track the committee via the website.