Tax Reform – An Opportunity That Should Not Be Missed

22 April 2020 by Glenn Barnes

Governance

As we face the need to reboot our economy and paydown the debt created by the pandemic crisis, there is a once in a lifetime opportunity to re-think and re-focus our taxation structure to give improved incentive to work and make productive investments. We should seek taxation structures that are simple to administer and difficult to avoid.

For too long we have seen people taxed on their work at too high a level relative to the returns given to passive capital (including the family home). All taxes should be put on the table for consideration with no sacred cows.

What do you think?

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Comments

IdeaSpies @ 2020.04.23 12:24 PM
Looks very challenging with GST changes out. Land tax to replace stamp duty? Is that a new idea? https://www.smh.com.au/politics/federal/government-looks-for-new-tax-ideas-as-business-press-for-corporate-cut-20200422-p54m83.html

Glenn Barnes @ 2020.04.23 5:15 PM

Tax changes are full of challenges:

GST should be up for change; definitely land tax on all properties and drop stamp duty; remove CGT exemption on the family home etc. Any changes can be phased and/or ring-fenced if politically necessary.

The key is to get the structure right and give people the maximum incentive to work and to make 'productive' investments.

IdeaSpies @ 2020.04.23 3:28 PM

Good points Glenn. An interesting point as well in this AFR article about issues with "thought bubbling" ideas in the media which can kill off ideas. Green and white papers should help keep discussion positive and productive.

https://www.afr.com/politics/federal/biggest-reform-agenda-in-30-years-needed-20200422-p54m0z

IdeaSpies @ 2020.04.24 9:26 PM

An interesting view on prospects for company tax cuts

https://www.crikey.com.au/2020/04/24/company-tax-cuts-war-young-australians/?utm_campaign=Daily&utm_medium=email&utm_source=newsletter&ins=VnYvOHBqdVFQSFh0VDNQd0g2cWdxQT09

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