Chartered Accountants call for Budget focus on ‘substantive’ tax reform

CHARTERED Accountants Australia and New Zealand (CA ANZ) has advised the Federal Treasurer that next week’s Federal Budget should include substantive tax reform, along with a roadmap and timeline to achieve it. 

“Our pre budget submission made it clear that it was time for a wider discussion about the tax system,” CA ANZ group executive of advocacy and international development, Simon Grant said.

“Policymakers need to keep in mind the competitiveness of our personal tax system, especially considering the global talent shortage.” 

CA ANZ will have its tax and superannuation experts in the room during the Budget Lock-up, providing expert analysis and what it means for the profession, their clients, and the broader community.

The CA ANZ pre-budget submission also outlined productivity improvements, red tape reduction and small business support measures the Federal Government should consider. 

“We appreciate the economic headwinds the country is facing, so that’s why we shouldn’t be looking at sugar hits but rather substantive and sustainable reform,” Mr Grant said.

“We need to make it easier for businesses to be in business – that includes having a skilled and educated workforce, so we will be looking for the Budget to extend the 120 percent training boost.

“Any improvements to boost productivity will be warmly received – a boost in productivity leads to a boost in income which will be welcome during the current cost of living challenges,” Mr Grant said.

The CA ANZ pre–Budget submission also called on the Federal Government to: 

• Support small business by keeping the instant asset write off scheme. 
• Invest in building the human capital skills necessary to support the implementation of sustainability disclosure and assurance standards and the business transition. 
• Build and implement a modern Company Register which links a Director’s ID to their relevant companies. 
• Plan for the ageing population by removing the legal complexities and inconsistencies in the superannuation, taxation, age pension and aged care environments. 
• Replacing the annual superannuation caps with lifetime caps. 
• Improve productivity through education by targeting investments in digital, AI, sustainability, accounting, and financial capability. 
• Improve financial literacy through the introduction of a national senior secondary accounting curriculum. 

www.charteredaccountantsanz.com

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