TITLE

A tax on patience?

AUTHOR(S)

Sheppard, Brian

PUB. DATE

October 2001

SOURCE

Accountancy;Oct2001, Vol. 128 Issue 1298, p124

SOURCE TYPE

Trade Publication

DOC. TYPE

Article

ABSTRACT

This article examines whether the process of business tax reform in Australia has been a success or a failure as of October 2001. The business tax system in the country has undergone a revolution. The Institute of Chartered Accountants in Australia said that the proposed changes could be only the most momentous in the history of Australia. In 1998, the Australian government commissioned a Review of Business Taxation (RBT) to investigate and consult on possible reforms to the business tax system. The RBT commenced in the climate of an existing government commitment to adopt a broad-based consumption tax which is essentially a value-added tax. The RBT measures were considered to represent a complete, integrated package, with many measures interdependent, yet the government was forced to pick selected changes. The problems in implementing the new tax system dominated the media reports. The Goods and Services Tax has increased tax compliance costs, particularly for small business, one year after its implementation. The so-called entity tax measures also proved unpopular and unworkable and the government eventually dropped them. One of the other major claims of the RBT was that the various reforms would simplify and reduce the size of the tax legislation measurably.

ACCESSION #

5452309

Tags: TAX reform;  BUSINESS tax;  TAX administration & procedure;  TAXATION;  CORPORATIONS -- Taxation

 

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