Chartered Accountants Australia and New Zealand (CA ANZ) has submitted detailed recommendations to the Productivity Commission (PC) on four of its five interim reports which underscore the profession’s commitment to working collaboratively with the PC and the government to build a stronger, fairer economic future.
CA ANZ has used its submission as an opportunity to outline its support for the modernisation of Australia’s tax system but to also explain the refinements that are needed to key proposals put forward by the PC on corporate tax.
“CA ANZ agrees that tax reform is needed to ensure our economy is strong and are advocating for the interim recommendations to take into account other significant tax settings, which affect business investment decisions for significant parts of the economy,” said Ainslie van Onselen, CA ANZ CEO.
“We recognise the opportunity to develop a more streamlined corporate tax system for Australia. Our view is that any changes, along with their transitions, should not disrupt investment, financing, or regulatory stability. Additionally, understanding the cost implications of administering these changes is essential."
“As the peak professional accounting body, CA ANZ offers expertise and insights important for decision-makers addressing the nation’s most pressing economic challenges,” said Ms van Onselen.
“From outlining the impacts of tax reform strategies to the profession’s role in building a skilled and adaptable workforce, we’re focussed on the development of policies that promote efficiency, competitiveness and long-term prosperity across the community.”
“CA ANZ has the technical expertise in areas such as tax reform, red tape, and data and digital technology to provide guidance on how different productivity proposals would impact those in the profession and the wider community,” said Damian Ogden, CA ANZ Group Executive Advocacy, Public and Government Affairs.
"The immediate opportunity for the government is to reduce the regulatory burden from the tax system. Minimising the number of announced but unenacted measures, as well as the timely enactment of legislation, is an efficient way to move us forward," said Mr Ogden.
CA ANZ also strongly supports the PC’s call for government action to make digital reporting the default for disclosing entities.
“This is the logical step forward and we strongly believe this reform will unlock productivity, improve accessibility to our capital markets and bring Australia in line with global best practice,” said Ms van Onselen.
"The investment required for this transition is minimal compared to the potential billions in productivity gains and investment opportunities. It's a clear and straightforward decision."
“CA ANZ welcomes continuing the discussion on tax reform and other productivity boosting measures, and is confident that with continuing consultation, the government will be able to achieve its goal of ensuring Australia remains a strong player on the global stage well into the future,” said Mr Odgen.
CA ANZ’s submission to the Productivity Commission on four of its five interim reports: creating a more dynamic and resilient economy; investing in cheaper, cleaner energy and the net zero transformation; harnessing data and digital technology; and building a skilled and adaptable workforce is attached to this email.
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 Lead Australia M +61 411 485 421
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