International Law

Review of Australia's tax system

The Government has published the Australia?s Future Tax System (AFTS) Discussion Paper (366 pages long and entitled "Architecture of Australia?s tax and transfer system") by Treasury Secretary Dr Ken Henry.

The review will encompass Australian Government and state taxes, except the rate and base of the GST, and interactions with the transfer system, and will consider:

• The balance of taxes on work, investment and consumption and the role for environmental taxes;
• Further enhancements to the tax and transfer system facing individuals, families and retirees;
• The taxation of savings, assets and investments, including the role and structure of company taxation;
• The taxation of consumption and property and other state taxes;
• Simplifying the tax system, including the interactions between federal, state and local government taxes; and
• Interrelationships between the elements of the tax system, as well as the proposed emission trading system.

The Henry Review will also examine the adequacy of pensions and retirement incomes generally, so we can protect the living standards of the many older Australians doing it tough.

To ensure the Review considers the widest range of views and information possible, the Review Panel is inviting submissions to the Review.

The Review Panel will provide its final report to the Treasurer by the end of 2009.

Full post as published by Australian Regulatory Compliance Review on August 05, 2008 (boomark / email).