Tax Institute congratulates returning government

Tax Institute congratulates returning Coalition Government

Sydney, Wednesday 22 May 2019

“The Tax Institute congratulates Prime Minister-elect the Hon Scott Morrison MP on retaining government,” said The Tax Institute’s President Tim Neilson.

“We look forward to consulting with the new Government on the implementation of their tax agenda.”

“We see the lowering of personal and company tax rates as desirable objectives for the Australian tax system.,” said Mr Neilson.

Mr Neilson noted that maintaining a dual corporate tax rate system is not preferable. ‘In an ideal world, The Tax Institute would hope to see the corporate tax rate reduced to 25% for all companies. A 25% rate being available for companies with a turnover less than $50 million from 2021-22 is a step on the right path, but it is a pathway Australia needs to go further down.”

“We also see complications with the $50 million turnover being the threshold for a handful of ‘small business tax concessions’, but not all. The Government should consider making $50 million the new small business turnover.”

“There are challenges up ahead in relation to implementing new tax policies. As the leading forum in the tax community in Australia, The Tax Institute has the important role of providing expert advocacy for changes to the tax system for the good of the tax system as a whole. This is the approach we will be taking in our advocacy efforts in respect of the incoming Government’s tax policies.”

ENDS

For more information, please contact: Noha Shaheed Ahmed, Media Relations: 02 8223 0039.

The Tax Institute is the leading forum for the tax community in Australia. Our reach includes membership of 12,000 tax professionals from commerce and industry, academia, government and public practice and 40,000 Australian business leaders, government employees and students. We are committed to representing our members, shaping the future of the tax profession and continuous improvement of the tax system for the benefit of all, through the advancement of knowledge, member support and advocacy. Read more at taxinstitute.com.au