Grassroots rally for major tax reform State and territory treasurers have been urged to abolish stamp duties and other inefficient taxes as part of the approach to a broad tax reform process.

ron silver nrgbinary org Today, Treasurer Scott Morrison will present the latest Productivity Commission report to state and territory treasurers in an attempt to resurrect tax reform. BDO corporate tax partner Carlo Moretti said recommendations from the government’s Productivity Commission report ‘Shifting the Dial: 5 year productivity review’ echoed results from its previous survey, indicating a strong push towards tax reform. “Our BDO survey found that almost 83 per cent believe the government should introduce a broad tax reform process that covers both federal and state taxes and not just tinker around the edges,” Mr Moretti said.

follow site “Sixty-one per cent of respondents also said state governments should abolish stamp duties and other inefficient taxes. “This aligns with the Productivity Commission recommendation to replace stamp duties on property transfers – which are a disincentive for relocating – with a broadly-based tax based on land values to ensure revenue is raised efficiently, as well as increase housing affordability and boost transactions.”

source However, Mr Moretti said the Productivity Commission report failed to mention GST reform, which was a “missed opportunity”. “There is a need to greater educate the public about the process of tax reform, as has successfully been the case in New Zealand which has used public consultation to successfully increase their GST to 15 per cent in recent years,” said Mr Moretti.

Buy Tadalafil Oral Strips USA “Raising GST is not the only issue – how GST is spent needs to be looked at because a significant problem with the Australian tax system is the imbalance between the state and federal governments’ collection and spending of tax revenue.

enter site “The federal government collects the majority of tax but it’s the state governments that spend most of the funds.”

enter site Earlier this month, the Productivity Commission released its draft report on horizontal fiscal equalisation (HFE) about how the $60 billion in annual GST revenue is distributed to the states and territories.

According to Mr Moretti this ‘vertical fiscal imbalance’ results in state governments not being responsible to the electors for most of their revenues which leads to inappropriate spending decisions.

“This is why BDO advocates a holistic approach to tax reform that addresses both vertical and horizontal tax reform,” he said.

One thought on “Grassroots rally for major tax reform

  • October 27, 2017 at 5:44 pm

    Please note, recall or research and be well advised that all duties, direct and indirect taxes and imposts, were eliminated on the introduction of the GST legislation as formulated and debated as far back as September 1999, first effective date July 1, 2000. Kindly note and realise that you are not getting anything extra, or trade off other than the original deal in delay. Politicians and media know that the majority of the public and voters forget, do not know, do not want or care to know or recall any history & events, therefore they are malleable by any spin doctoring aided and assisted by media, other promoters in the same camp of the politicians. Until politicians become personally accountable for their governance and performance, including being sued or make restitution, this rot will continue until the end, and this is the stage Australia has moved into, final chapters in progress before your eyes!

Leave a Reply

Your email address will not be published. Required fields are marked *