THE Institute of Public Accountants (IPA) chief executive is urging the Federal Government to think more broadly and implement holistic tax reform to drive productivity, innovation, jobs, and economic growth.
“We are expecting that the Federal Budget to be handed down in less than three weeks’ time, to deliver business incentives, tax cuts and other measures to create jobs and assist businesses to climb out of the COVID-19 mire,” IPA chief executive officer, Andrew Conway said.
“While these will be positive steps to begin the road to recovery post-pandemic, Australia desperately needs holistic, genuine and robust tax reform.
“Tax cuts, whilst welcome by most consumers, will lead to sub-optimal results if implemented in isolation and not in the context of holistic reform," he said.
“The IPA has long advocated for a tax system overhaul, having yet again reinforced this message in our pre-Budget submissions and countless others going all the way back to the Henry Review in 2008.
“Our tax system is not fit for the purpose ahead of recovery from the pandemic, so it is not easy to just make tax changes without considering the broader impact on other aspects of the economy. The various elements are closely intertwined including the tax mix, personal services income, the plethora of inefficient state-based taxes such as payroll tax and stamp duty and other aspects of the economy including our regulatory framework. .
“Holistic reform won’t be easy or without controversy, however, it is essential if we are to unshackle the restrictions and realise the potential of the economy in a post-COVID-19 environment," Mr Conway said.
“It needs everyone on board, at both Federal and State levels, and working to the one reform agenda. If the pandemic has taught us just one thing, it is the need to work together. National Cabinet has shown what can be achieved.
“Reform of this nature does not happen overnight but if we are to see a rejuvenated Australian economy, it is now time to start the process,” Mr Conway said.
THE Australian Small Business and Family Enterprise Ombudsman Kate Carnell swants the Federal Government to swap a rise in employer superannuation contributions for a cut in superannuation tax.
According to Ms Carnell, the government could take some financial pressure off small businesses without adversely impacting workers, by deferring superannuation guarantee increases and cutting taxes on superannuation payments.
In a letter to the Treasurer, Ms Carnell has proposed a two-year deferral on legislated superannuation guarantee increases, while also cutting the 15 percent tax on compulsory employer superannuation guarantee contributions to 7.5 percent during that time.
Ms Carnell said the combined measures offset each other, to ensure workers end up with a similar superannuation amount as they would have under the scheduled increase.
“We have to get the balance right by ensuring small businesses aren’t hit with rising costs and workers are no worse off,” Ms Carnell said.
“Many small businesses are already struggling to stay afloat as a result of the COVID-induced recession and cannot afford to pay higher costs.
“These increased costs would put small business owners under even more financial strain, placing jobs and businesses at risk. It is equally important to safeguard the long-term financial future of Australians through superannuation," she said.
“Our modelling shows our proposed tax cut would cost the government no more than $6 billion per year and would also support struggling small businesses and help the millions of Australians who used the early access to superannuation program to start restoring their long-term super balance.
“Ultimately, by implementing this proposal, the Federal Government would be supporting small businesses and all Australians who deserve a dignified retirement.”
THE Internal Talent Awards, affectionately known as the ITAs, will be held virtually on Thursday November 19, 2020.
At the inaugural event, the ITAs will recognise and celebrate excellence in Internal Talent across individuals, teams and organisations. The concept of the ITAs came from TaPod co-hosts Lauren Sharp and Craig Watson, who inspire and entertain listeners during their weekly podcast which, they said, "shines a light, and a laugh, on the Australian Talent Acquisition (TA) community".
In a bid to see how their listenership were navigating their roles mid-pandemic, the duo circulated a survey to understand how TA would emerge post-Covid crisis.
"Over 63 percent of respondents indicated that the role of Talent Acquisition will have increased responsibilities after the pandemic," director of Recstra and TaPod co-host, Craig Watson said. "And the industry deserves a platform to explore, embrace and celebrate these responsibilities."
Sharp People director and TaPod co-host, Lauren Sharp said, "The Internal Talent industry is filled with unheralded superstars. We are in the business of changing people’s lives with little fanfare or recognition.
"It’s time for us to acknowledge the star performers in our industry and highlight the initiatives that bring success to the Talent function."
The ITAs independent judging panel includes HR Tech Market director Rachel Hill, Avature ANZ director Adam Walker and major sponsor TQ Solutions director Gareth Flynn.
Nominations are open and will close on October 16.
TQ Solutions is the major sponsor for 2020 and other award sponsors include Talent Table, Oncore Services, CV Check, Alcami Interactive, Matchd and TaPod.
The ITAs will bestow the following awards at a Gala Virtual Ceremony on Thursday, November 19:
- Talent Team of the Year.
- Talent Professional of the Year.
- Talent Leader of the Year.
- Excellence in Candidate Experience.
- Excellence in Diversity & Inclusion.
- Excellence in Corporate Social Responsibility.
- Excellence in Employer Branding.
Further information on the nomination process and how to secure a ticket to the Gala Virtual Ceremony can be found at www.internaltalentawards.com