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Streamlining the tax system for individuals
Published on 01 May 22 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
While political parties all seem to be presently shying away from any tax reform, the individual tax settings will continue to remain among the most problematic for Australia into the foreseeable future. Completely out of step with the rest of the world, personal income tax is the most important and largest source of government revenue, consistently raising approximately half of total revenue since the 1970s. While the rest of the world has shifted to balance individual and corporate taxation with consumption taxation, Australia continues to be overly reliant on taxes that tend to create disincentives and act as productivity brakes on our economy. Moreover, the ongoing failure of successive governments to address the lack of integration of the tax and social security systems
has resulted in ludicrous effective marginal tax rates for certain groups — more often for those at the most potentially productive stages of life. The challenges and opportunities for designing a future tax and transfer system for Australia have been identified in this section of the Case for Change.
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THE TAX INSTITUTE
The Tax Institute is Australia's leading professional association and educator in tax, with offices in most major cities. Focusing solely on tax, the Institute provides the best resources, education and networks. Our mission is to equip tax professionals with everything they need to demonstrate the highest level of expertise and increase the advancement of public knowledge and understanding. We are also committed to propelling members into the future and onto the global stage with the introduction of the Chartered Tax Adviser designation.
The Tax Institute is Australia's leading professional association and educator in tax providing the best resources, professional development and networks.