The peak body for accountants, Chartered Accountants ANZ (CA ANZ), has welcomed the Treasurer's commitment to put tax reform on the agenda for the August Productivity Roundtable.
In his National Press Club address today, Treasurer Jim Chalmers said that tax reform is "an important part of the conversation" when looking at ways to boost productivity.
CA ANZ CEO Ainslie van Onselen said tax reform can help address key issues facing the economy including sustainability, resilience and productivity.
"Tax reform is an important part of boosting productivity – and it's the right step forward to have it on the table," Ms van Onselen said.
"I'm glad to see the Treasurer acknowledged this in his address today, and we look forward to seeing tax reform firmly on the agenda at the Productivity Roundtable.
"Our system is over-reliant on personal income tax, and that is unfairly punishing Australians also facing cost of living and housing pressures.
"We agree, we need to move beyond calling for tax reform, and actually do it."
Ms van Onselen said the Roundtable should discuss key areas such as personal income tax, capital gains tax, tax concessions and GST.
"The Treasurer rightly noted that we need practical and specific ideas that are in the national interest. He also noted that the proposals need to be budget neutral or budget positive," Ms van Onselen said.
"CA ANZ has long advocated to reduce our current over-reliance on income tax.
"We need to look at the appropriateness of tax concessions, as well as potentially harmonising how our state and federal taxes work together, to boost efficiency and equity across the board.
"Modernising laws to make them agile for the digital and gig economies is also key.
"We look forward to working with the Treasurer on this important opportunity to improve our tax system and in turn, boost productivity and make the budget more sustainable."
