1 February 2005

Tax Reform Must be a Priority says Peak Business Tax Group

Australia’s peak business tax group, the Business Coalition for Tax Reform (BCTR), today urged the Commonwealth Government to take tax reform seriously as a vital step in ensuring Australia’s economy continues to grow.

Releasing the BCTR Budget Submission today, Mr John Stanhope - BCTR Chairman said the Government needs to undertake major reform across a number of key areas including seeking significant improvements in tax administration and the simplicity of the legislation, finding a method to rapidly remove the outstanding inefficient state taxes, undertaking significant personal tax reform and progressing international tax reforms which will benefit the economy by attracting labour and capital.

“Reform in all these areas of the tax system is fundamentally important for the health of the economy and the framework in which business operates,” Mr Stanhope said.

In its 2005 Budget submission the BCTR urges Government not to waste important opportunities for reform and encourages both Federal and State Governments to take a renewed interest in tax reform and to do so from a ‘whole of economy’ perspective.

“The best taxation system for sustained long-term economic growth requires that all levels of taxation in Australia are working efficiently and facilitating Australia’s international competitiveness” said John Stanhope.

The BCTR encourages the Government to build on its Intergenerational Report 2002-03 and the recent interim report on Ageing by the Productivity Commission to develop a vision for Australia’s tax system which will serve the country well as it confronts the twin challenges of an ageing population and increasing international competition.

The Business Coalition for Tax Reform (BCTR) is a forum for bringing together the views of the business community on tax reform issues. The BCTR aims to promote and improve Australia’s taxation system. While much has been achieved in recent years in the tax reform arena, the task is ongoing with much still to be done. To this end the BCTR has today lodged with the Federal Government its 2005 Federal Budget Submission.

The BCTR’s Budget Submission is available on the BCTR website on www.bctr.org

The members of the BCTR include Australian Food and Grocery Council, Australian Industry Group, Australian Institute of Company Directors, Australian Retailers Association, Australian Stock Exchange, Business Council of Australia, Corporate Tax Association of Australia, CPA Australia, Council of Small Business Organisations of Australia, Federal Chamber of Automotive Industries, International Banks & Securities Association Australia, Insurance Council of Australia, Investment and Financial Services Association, Master Builders Australia, Meetings Industry Association of Australia, Minerals Council of Australia, Property Council of Australia, Real Estate Institute of Australia and The Institute of Chartered Accountants in Australia.

Contacts:

John Stanhope, Chair Business Coalition for Tax Reform through Jane Sullivan General Manager Public Affairs Finance and Administration Telstra (03) 9632 3701.

Sub-committee Chairs

Peter Burn, Chair, BCTR Tax Admin Sub-committee – (02) 9466 5503.
Frank Drenth, Chair, BCTR International Tax Sub-committee – (03) 9600 4411.
Paul Drum, Chair, BCTR Personal Tax Sub-committee – (03) 9606 9701 / 0414 760 385.
Peter Verwer, Chair, State Taxes Sub-committee – (02) 9033 1900.

To access a copy of the Submission, click here