Chartered Accountants ANZ (CA ANZ) has joined the call for bold tax reform to ensure Australia's economy remains strong and living standards stay high, but it has also asked the Federal Government to take smart, simple and short-term action to boost productivity.
CA ANZ is part of the coalition of 27 groups representing small, medium and large businesses, universities and the investment community, led by the Business Council of Australia, that delivered a joint submission to the Economic Reform Roundtable.
CA ANZ CEO Ainslie van Onselen said that the Joint Group of Industry Associations has outlined four priority areas to boost Australia's economy ranging from the practical to the ambitious.
In addition to its input into the BCA-led submission, CA ANZ also made a separate submission to Treasury on the Economic Reform Roundtable on behalf of its more than 140,000 members, which outlines approximately 40 recommended actions including mandating digital reporting.
"Australia's tax architecture is overdue for renovation. Let's build a system that encourages rather than hinders investment into Australia, rewards innovation and supports sustainable growth," said Ms van Onselen.
"We need a tax system that powers productivity, not one that penalises progress – be it individuals or business. Reform must be bold, broad and built for the digital economy.
"That said, there are immediate actions the Federal Government can do to get things moving on the productivity and economic front – and CA ANZ strongly believes that this should be mandating digital reporting.
"Digital reporting is the low-hanging fruit of productivity and economic reform. Ninety per cent of the world's major economies already do it, streamlining compliance and unlocking real-time insights that drive smarter decisions. So, it's time for Australia to catch up," Ms van Onselen said.
CA ANZ's full submission to the Economic Reform Roundtable is attached.
