Skip to content
Business Company News, Federal Budget

Chartered Accountants ANZ Media Release – Pre Budget Submission

Chartered Accountants ANZ 3 mins read

25 January 2024



Peak accounting body Chartered Accountants Australia and New Zealand (CA ANZ) has used its pre-budget submission to call for substantive tax reform and for government to unveil a roadmap to achieve it.


“It’s time for a wider discussion about Australia’s heavy reliance on personal income tax collections,” said Simon Grant, Chartered Accountants ANZ Group Executive Advocacy.


“The Federal Government has gained a lot of revenue from Australian taxpayers over many years because of ‘bracket creep’ as Australia does not index income tax thresholds for the impact of inflation.


“It is often overlooked that Australia’s top personal tax rate has long been considered high by international standards and applies from a comparatively low income. Policymakers need to keep an eye on the international competitiveness of our personal tax system.


“Broadening the Goods and Services Tax base and rate is required to relieve strain on the income tax system. In addition, the equity of the tax system, especially intergenerational equity, needs to be considered to help support the costs of an ageing population.


“There have already been numerous reviews of Australia’s tax system. The Federal Government should announce a roadmap of how Australia will achieve tax reform. This needs to be the focus of tax discussions going forward.”


CA ANZ also remains opposed to the government’s Better Targeted Superannuation Tax Concession policy that will see those with more than $3 million in total superannuation assets face an additional 15% tax, as the policy seeks to solve a problem that will correct itself over the next 10 years.


“We have many concerns with this policy, including the lack of indexation of the $3 million cap, the taxation of unrealised capital gains and the carried forward allowance of capital losses,” said Mr Grant.


“We believe this tax will be expensive for individuals, superannuation funds, tax agents, financial advisers and for the ATO to administer, and will raise little net revenue when all these costs are considered.”


The CA ANZ pre-budget submission also outlines productivity improvements, red tape reduction and small business support measures the Federal Government should consider.


‘Improving productivity can result in increased incomes which will help with the cost of living. Productivity gains could be achieved through streamlining regulation and improving transparency.’


‘For example, aligning regulatory reporting systems for the tax system could dramatically reduce business red tape whilst increasing system integrity.’


‘Having a skilled and educated workforce also assists productivity. The budget should extend the 120% training boost and reform higher education funding and financing,’ said Mr Grant.


The CA ANZ pre–Budget Submission also calls on the Federal Government to:


  • Support small business by keeping the instant asset write off scheme.
  • Assist the just and orderly transition to net zero through sustainability reporting by developing an overarching sustainability reporting framework.
  • Build and implement a modern Company Register which links a Director’s ID to their relevant companies.
  • Plan for the ageing population and replace the annual superannuation caps with lifetime caps.
  • Improve productivity through education by targeting investments in digital, AI, sustainability, accounting, and financial capability.
  • Improve financial literacy through the introduction of a national senior secondary accounting curriculum.


“As always, CA ANZ looks forward to working with the Federal Government to deliver a Budget that delivers the economic blueprint the country requires,” said Mr Grant.




Media Contact

Gillian Bowen
M +61 (0)411 485 421            E:


About Chartered Accountants Australia and New Zealand

Chartered Accountants Australia and New Zealand represents more than 136,000 financial professionals, supporting them to make a difference to the businesses, organisations and communities in which they work and live. Chartered Accountants are known as Difference Makers. The depth and breadth of their expertise helps them to see the big picture and chart the best course of action.


More from this category

  • Business Company News, Oil Mining Resources
  • 15/07/2024
  • 13:31
Jane Morgan Management

Galan Lithium Limited (ASX:GLN) Announces At-the-Market Raise

Perth, Australia – 15 July 2024 |Galan Lithium Limited (ASX: GLN)is pleased to announce that it has successfully raised $1,100,000 through its At-the-Market Subscription Agreement ("ATM") with Acuity Capital. This funding will be directed towards the further development of its Hombre Muerto West lithium brine project in Argentina and for working capital purposes. Key Highlights: Successful Fundraising: Galan has utilised its ATM with Acuity Capital to raise $1,100,000 by issuing 7,050,000 fully paid ordinary shares at an issue price of $0.156 per share. Strategic Development Funding: The funds will support the ongoing development of the Hombre Muerto West lithium brine…

  • Contains:
  • Business Company News, Oil Mining Resources
  • 15/07/2024
  • 13:20
Jane Morgan Management

American Rare Earths Ltd (ASX:ARR) Commences 2024 Drilling Campaign at Cowboy State Mine Area

Sydney, Australia – 15 July 2024 | American Rare Earths Limited (ASX: ARR | OTCQX: ARRNF | ADR: AMRRY)is pleased to announce the commencement of its 2024 drilling campaign at the Cowboy State Mine ("CSM") area. This strategic initiative aims to upgrade resource estimates and gather critical data for advancing mine planning and prefeasibility analysis. Key Highlights: Drilling Overview: The 2024 drilling campaign includes 23 planned holes—11 core holes and 12 reverse circulation ("RC") holes—totaling approximately 2,670 metres (8,760 feet). The core holes will drill around 1,590 metres (5,217 feet), while the RC holes will cover about 1,080 metres (3,543…

  • Contains:
  • Business Company News, Oil Mining Resources
  • 15/07/2024
  • 13:03
Jane Morgan Management

Arizona Lithium Limited (ASX:AZL) Discovers New Lithium Enriched Formation at Prairie Project

Perth, Australia – 15 July 2024 | Arizona Lithium Limited (ASX: AZL, AZLO, AZLOA | OTC: AZLAF), a company focused on the sustainable development of two large lithium projects in North America, is excited to announce a significant lithium discovery at its Prairie Lithium Project in Saskatchewan, Canada. This discovery is a testament to the Company’s strategic and diligent exploration efforts. Key Highlights: New Lithium Discovery: Lithium-enriched samples of 86 mg/L Li have been identified in the Souris River Formation at Pad #1 at the Prairie project. Souris River Formation: This formation lies directly below the Duperow Formation across the…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.