LATEST ACCOUNTING NEWS
Small businesses may ‘collapse under strain of payday super’, IPA warns
ATO’s hands tied with scrapping on-hold debts, expert says
What Drives Your Business Growth and Profits?
Australian Taxation Office (ATO) shifting to firmer debt collection activity
Why employee v contractor comes down to fine print
Sharing economy reporting regime for platform operators
Countries producing the most solar power by gigawatt hours
Illegal access nets $637 million
Accessing superannuation benefits.
Does your business have a company Power of Attorney?
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
GrantConnect
2 in 3 SMEs benefit from instant asset write-off, survey reveals
Updated guidance on R&D claims
Do you know how to recover debts?
Wheat Production by Country
Types of small business benchmarks
What is a Commercial Lease?
ATO warns advisers against suspect R&D tax claims
The year of workplace law upheaval
How to Resolve Invoice Payment Disputes
Raft of revenue tweaks in MYEFO to raise millions
The Countries that Export the Most Wine in the World
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
Meaningful tax reform in high demand

Comprehensive tax reform continues to dominate wish lists for the upcoming federal budget, with support for change to state-based taxes particularly high, according to a new survey.



       


 


Mid-tier firm BDO’s annual tax reform survey of over 250 clients found that 94 per cent agreed that the government should recommence a broad reform process, with more than three-quarters supporting the establishment of a tax reform commission.


The top tax measures respondents believes were in most need of tax reform included states taxes (59 per cent), GST (37 per cent), and personal tax (29 per cent). 


“The message for the government is that taxpayers are still waiting for meaningful tax reform,” said BDO national tax director, Lance Cunningham.


“This can only begin with a renewed commitment to a holistic review of the tax system that examines the whole system and not the introduction of a number of piecemeal changes.”


The survey also revealed that 90 per cent of respondents believed that state payroll taxes should be abolished or reduced as they discouraged employment and were a disincentive to growing business, a position challenged by Treasury’s research earlier this month.


Likewise, 70 per cent support an increase in the GST rate and broadening of the GST base to allow for reform to state taxes, although Mr Cunningham concedes that it is typically thrown in the “too hard basket” of tax reform.


Fringe benefits tax continue to make the case for reform, with 75 per cent of those surveyed calling for it to be abolished or replaced with a simplified system of taxing the employees but only on truly remuneration benefits and not on benefits that are incidental or ancillary to their employment duties.


BDO has been actively throwing its support behind reform, with Mr Cunningham noting how the process has “floundered” in recent years.


“BDO fully supports Ken Henry’s call for a return to the Tax Reform process that has floundered in recent years,” Mr Cunningham told Accountants Daily last month.


“The so called ‘root and branch’ tax reform process, that was ignited by Ken Henry’s 2010 Australia’s future tax system report, gave a detailed framework for such a holistic tax reform. However, the tax reform process has turned into a smouldering heap with all sides of politics just picking on single issues instead of looking the bigger picture.


“While the current concentration on company tax rate reductions is justifiable to ensure Australia’s competitiveness in international capital markets, it should not be seen as tax reform.”


 



By: Jotham Lian and Lance Cunningham, BDO Australia
​27 APRIL 2018
www.accountantsdaily.com.au




9th-May-2018
 
CPA logo Peter I Price & Associates Pty Ltd
Phone: (07) 3376 3411| Email: info@peterprice.com.au
15 Loffs Road, Mt Ommaney QLD 4074
Liability limited by a scheme approved under Professional Standards Legislation.