Bean Blog

The Government’s Tax Agenda

February 27, 2018

One of the first questions business owners ask when a new government enters power is what changes, if any, are coming in the area of tax.

Revenue Minister Stuart Nash provided a good steer on that when he addressed Chartered Accountants Australia and New Zealand last November.  The biggest question, he said, is whether our current system is fit for purpose.  A week later, the Government demonstrated it’s commitment to finding an answer by announcing the tax working group, to be headed by Sir Michael Cullen.  It’s brief is wide and includes specific emphasis on GST (but is unlikely to include GST rates) and the overheated housing market (almost certainly by focusing on speculative property buying).

Other issues the Minister highlighted:

  • The future of work and tax consequences.
  • Ensuring company tax is fair and efficient and that all companies pay their fair share.
  • Our ageing population and increased superannuation and healthcare costs.
  • The rapid growth of the sharing economy and its implications for the tax system.
  • Disruptive technologies and decentralised methods of operating.

If you’ve ever wondered if you might have a tax refund tucked away at IRD, here’s some good news – there is a proposal for refunds to be issued automatically.

This is all part of the IRD’s ongoing drive to work well with businesses.  One thing you can expect to see is better communication with tax professionals before policy proposals are developed or implemented.  This should minimise well-meant but fundamentally unworkable policy being introduced.

About Kylie Liew

Kylie turns vision into value using digital innovation and strategic business planning to drive business success.

As a Qualifying Principal and member of Chartered Accountants Australia and New Zealand (CA ANZ), MYOB Certified Consultant and Young Accountant of the Year 2019, Kylie's combined history of providing Business Advisory and Accounting services to clients, together with experience in Internal Change Management and Business Development means she understands the complexities of SME ownership.

Digital disruption of the Accounting industry presents a unique opportunity to redefine the role of the Business Advisor.  Kylie is committed to challenging the stereotype and exploring innovative ways to achieve growth and create success.

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