The taxation system of any country is an important determinant of its economic growth. It involves collection of money from the earners and redistribution among them to provide them with several facilities. The essence should be seen in the taxation assignments. The assignment writing help with taxation can be found from BookMyEssay. Australian tax system is constantly improving itself to be simpler, fairer and more transparent. It expects all taxpayers to be compliant with the law and to pay timely the liable taxes. They expect fair treatment from the government in all applications of tax laws regardless of their level of income or wealth.
There are several issues with the Australian tax system which need to be taken care of. The Tax Institute of Australia publishes a monthly journal called “Taxation in Australia”. It is circulated in the members only. The journal carries all articles and blogs related to the tax system of Australia. The current blog highlights the excerpts from the blog written by the president of the Tax Institute of Australia, Mr. Matthew Pawson, on reflections on the Australian tax system.
His blog contains an adaptation from the material written by Canadian Tax Foundation Executive Director and CEO, Ms Heather Evans. The adaptation says “The tax system is crucially important to economic growth in [Australia]. It supports the development of an equitable society and the redistribution of income to help provide for [Australians] who need assistance. It is entirely appropriate for our government to expect all taxpayers to be compliant with the law and to pay, on a timely basis, the amount of tax that they owe [or at least their fair share]. However, it is equally appropriate for all taxpayers to expect fair treatment under our tax laws, regardless of their income or level of wealth. Targeting other segments of the taxpayer population on the basis of factors unconnected to their compliance is harmful and does little to enhance confidence in the system.”
Mr. Pawson, as other former presidents of the Institute, has signed off a submission to the government of Australia to take every possible step for the improvement of the Australian tax system. The improvement should mainly focus on the simplicity, transparency and its fairer nature. He clearly stated that these measures are yet to be achieved in the taxation system. It is not an issue with the administration but with the policy making procedures.
One flaw in the Australian system was highlighted by one of the Senior Tax Counsel, Mr. Bob Deutsch. He said that it is fair that the government is thinking that company tax rate should be reduced to 25% but it is inappropriate with the existing very high personal income tax rates. He also added that individual tax rates are very high as compared to the company tax rates or some other types of passive incomes. Moreover, the penalty to the individual tax payer for the non-payment of tax is much more and strict in comparison to the company tax rates.
The move for reducing company tax rate from the government was welcomed by the institute. This was due to the fact that it will boost up economic levels of all strata of the population. This will also help in increasing the competition at the international level and boost up trade and commerce with other countries. But it will not be feasible if there will be complete neglect of the lowering of the individual tax rates. Not pointing directly, he said that the entire issue lies in the hands of the government. The politicians are targeting particular profitable sectors for their own political purposes. For example, the government has recently announced to raise banking levy to about 49% against a very profitable sector.
So it becomes very clear that due to political unwillingness, there is not any introduction of reformatory measures in the Australian tax system. The government is not paying any serious attention to the individual tax paying system and also exploiting the profitable sectors when company tax system comes into the scene. There was no tax reform agenda in the budget white paper issued by the government in 2016-17. This was not at all acceptable by the people as they were seeing clear negligence and deficiencies in tax reforms. To conclude, the president said that the Tax Institute will continue to raise its voice against the current flaws in the tax system and will continue to advocate it until simpler, fairer and more transparent reforms are seen.
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