Australia

Details

  • Service: Tax, Topics, Tax Reform
  • Type: Business and industry issue
  • Date: 15/04/2014

Tax reform for our future success 

Reforming Australia's tax system is a daunting task. There is no consensus around what the ideal tax system should be. Meanwhile, any changes to elements of the system can have far-reaching and unintended effects.
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As the tax reform debate increases, KPMG's new paper Tax reform for our future success discusses the importance and difficulty of tax reform.

 

Key insights

  • We must approach the future rationally –  Reforming Australia's tax system requires an in-depth understanding of the limitations and opportunities that lie before us, as they impact all sectors of our society.
  • We need to sustain our capital – If we are to ensure a sustainable future, we need to preserve our capital. This is not simply our environmental capital but our physical, financial, human, institutional and community capital as well.
  • The trends that will impact our future wellbeing – An ageing population is likely to increase the demand for higher quality services whilst the immanent shift in global economic power from developed to developing countries will change the game for all economies, including Australia.

 

 

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Video: Tax reform and the Australian economy

Rosheen Garnon
In this video, Rosheen Garnon, National Managing Partner, Tax, discusses the elements needed for successful tax reform and the key issues.

Tax Reform

Active throughout the reform process, KPMG provides analysis and insight into the key elements of tax reform currently underway in Australia.