Tax Reform

Tax Reform

The Business Council of Australia has long highlighted the economic necessity of a competitive tax system.

The BCA’s five principles for tax reform state that the tax system should:

  • support investment and growth through a reduced reliance on taxes on capital and income and a greater reliance on broad-based taxes on consumption
  • be consolidated to contribute to the further growth and development of a seamless national economy, and should also enhance international competitiveness
  • be characterised by stability and predictability with any changes prospective so as not to adversely affect existing investments or create perceptions of sovereign risk
  • be transparent, simple to administer and minimise compliance burdens on taxpayers
  • raise revenue through taxes that are less exposed to the volatility associated with the business and commodity cycles.
The BCA made submissions to the Henry tax review including Unrealised Gains: The Competitive Possibilities of Tax Reform.

In 2011 BCA Chief Executive Jennifer Westacott participated in the federal government’s tax forum. The BCA submission to the forum, titled Preparing for a Better Future: Progressing Comprehensive Tax Reform in Australia, outlined four key actions needed to progress comprehensive tax reform in Australia.

The Business Council of Australia will continue to advocate a tax system designed to promote investment and economic growth and to encourage higher savings.

BCA Secretariat contact: Peter Crone, Chief Economist and Director Policy