One of the country’s peak accounting bodies has implored the government to revisit forgotten promises and make genuine attempts at meaningful tax reform.
In its submission for the 2018/19 federal budget, the Institute of Public Accountants (IPA) focused on headline items for the association, including holistic reform of Australia’s taxation system, and small business policy measures.
“The IPA continues to put the case forward for major tax reform which has been a pill too hard to swallow for the major political parties,” said IPA chief executive officer, Andrew Conway.
In line with lobbying from accounting bodies and the private sector, the IPA has been pushing for a simplified national tax system for several years.
Around the 2017 Budget, Mr Conway told My Business’s sister publication Accountants Daily that ongoing avoidance of significant tax reform in Australia is a “handbrake” on continued economic growth.
Mr Conway also called for the tax reform white paper process to be revisited. To date, a discussion paper has been released, and the deadline for a final paper to be released by the end of 2016 has well passed.
“We are calling on the government to deliver the much promised and almost forgotten tax reform white paper to take a long term view and encourage genuine public debate on tax reform,” he said.
Further, Mr Conway is pushing the government to consider extending new financing options to support small business.
“We are also asking the government to introduce a state-backed loan guarantee scheme to help increase the availability of much-needed affordable loan finance to the small business sector,” he said.
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