William Buck today issued a call for a comprehensive overhaul of Australia’s tax system as part of the 2024 Federal Budget.
We believe that the Government has the opportunity to build on tax changes already implemented during their term and take a more holistic approach to the country’s tax system.
Todd Want, Head of Tax at William Buck, who also serves as President of The Tax Institute, highlighted the urgent need for reform to ensure that the Australian tax system is fit for purpose both now and into the future.
“This Budget acts as an opportunity for the Government to build on its recent changes to individual tax rates and bring forward wider reform to the tax system. Taking a more holistic look at taxes such as the Goods and Services Tax (GST) and working with the states and territories to abolish taxes such as payroll tax can help Australia prosper,” said Todd.
“It’s time to simplify our tax laws to not only benefit businesses but more importantly the Australian community at large. We need a tax system that is sustainable and fit for purpose.”
Todd also said simplifying the tax system would not only help businesses but also the ATO.
“The current complexity of tax law has led to an overly burdensome compliance load on not just taxpayers and their tax agents, but also on the ATO (Australian Taxation Office). Simplification would allow business owners to get on with what they do best – run their businesses and ensure there is a vibrant and sustainable economy. It would also allow the ATO to focus their finite resources more efficiently and effectively.”
“A more complex tax system isn’t a better tax system. We need to work together to implement a simpler and more sustainable tax system – for everyone’s benefit,” added Todd.
William Buck believes that a review of the current tax system to make it less complex will pave the way for a more efficient, transparent and fairer tax system that will serve Australia well into the future.
