On Digital Reporting proposal:
Chartered Accountants ANZ (CA ANZ) CEO Ainslie van Onselen:
“The recommendation by the Productivity Commission for ‘immediate action’ to make digital reporting compulsory for disclosing entities is a clear validation of Chartered Accountants ANZ’s (CA ANZ) call to action and recognition of our leadership in shaping a smarter, more resilient economy.
“CA ANZ has long been calling for mandated digital reporting and we welcome the Productivity Commission’s recommendation as a green light for progress.
“Mandatory digital reporting is a critical reform that will unlock productivity, improve accessibility, and bring Australia in line with global best practice.
“It has the potential to deliver billions of dollars in net productivity gains – we know investors want clarity, not clutter, and digital reporting will make financial information more accessible.
“Australian companies have remained shackled to PDF and hard copy format for too long, while the majority of the world’s largest economies are already mandating or phasing in digital financial reporting.”
On company tax rate proposal:
Chartered Accountants ANZ (CA ANZ) CEO Ainslie van Onselen:
“Chartered Accountants ANZ (CA ANZ) will take a close look at what’s been proposed in the interim report released by the Productivity Commission last night on reforming company tax.
“In particular, we want to know more about the impact of the proposed additional 5% cash flow tax.
“This new tax proposal is unclear on some fundamental issues such as whether cash flow tax will generate franking credits and whether foreign jurisdictions will recognise cash flow tax to prevent double taxation.
“These unknowns make it difficult to adequately assess the impact of this proposal.
“We’ve long held the view that Australia’s tax architecture is overdue for renovation.
“CA ANZ has advocated for a system that encourages rather than hinders investment in Australia, rewards innovation and supports sustainable growth.
“We need a tax system that powers productivity, not one that penalises progress – be it individuals or business.
“That’s why in our submission to the Economic Reform Roundtable we proposed tax reform recommendations such as simplifying the fringe benefits tax, reducing industry levies, and harmonising state taxes such as land tax and payroll tax.
On regulatory reform proposal:
Chartered Accountants ANZ (CA ANZ) CEO Ainslie van Onselen:
“We welcome the Productivity Commission’s focus in this first interim report on improving Australia’s regulatory landscape – this is vital groundwork for a more dynamic and resilient economy.
“The recognition that smarter regulation can unlock productivity and reduce unnecessary burden is encouraging. But as always, the real test will be in the execution. The ideas are sound – but now the rubber needs to hit the road.”
ENDS
About Chartered Accountants Australia and New Zealand
Chartered Accountants Australia and New Zealand represents more than 140,000 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.
www.charteredaccountantsanz.com
For more information contact:
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Gillian Bowen, Public Affairs Manager Australia M +61 411 485 421
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