A new tax review will have to look at what this generation can do for the Australians of the future.
The first emerged out of the June 1985 Tax Summit. It rolled across the income tax landscape for all the second half of the 1980s, delivering fringe benefits tax, substantiation of work-related expenses, capital gains tax, denial of entertainment as a tax deduction, taxation of superannuation, taxation of foreign source income, dividend imputation, and a great deal more.
Taken together, these two episodes implemented most of what the 1972 Asprey review recommended. And it only took 25 years!It won’t be successful without a compelling narrative that resonates with those who don’t speak our language. The stronger case for a new foundational review, though, is that we also need a review of the allocation of spending responsibilities across the federation, a need illustrated graphically in the federation’s response to the COVID-19 crisis.
And then it would determine the allocation of taxing powers. There are constitutional issues to be acknowledged here, but that’s no excuse for avoiding this project.Of course, this is a lot of work. But we know it can be done because we have taken on much bigger projects in the past.
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