The Federal Government has today released its long awaited Re:Think - Tax discussion paper.

The Re:Think - Tax discussion paper is some 200 pages long, and raises 66 discussion questions around the challenges of the existing tax system across a number of different areas.

The responses to these questions will lead to preparation of the Government’s tax options Green Paper, which is due to be released in the second half of 2015. The Government will then seek further feedback on those options before putting forward policy proposals for consideration in 2016.

In doing so, the Government has stated that it will:  

• Focus on ideas rather than prescribing solutions. Solutions can start to be considered as part of the options Green Paper in the second half of 2015.
• Focus on how revenue is raised, not just how much. The Government’s goal is to deliver lower, simpler, fairer taxes.
• Rule nothing in or out. Options can start to be ruled in or out as part of the options Green Paper.  

Click here to read the Re:think - Tax discussion paper.  

Have your say

The Government will be seeking submissions up until 1 June 2015. As strong advocates for real structural tax reform to support Australian business, Grant Thornton Australia will be preparing a submission to the Government, focussing on the current challenges in the existing tax system, and provide examples of where changes should be made to support and encourage Australian business in the current economic environment. During this period we will also be engaging in the public debate around the need to drive appropriate reform to the existing system.

It’s important that the Government hears how the current tax system impacts Australian businesses and what you need to help your business survive and thrive. Your comments will help frame our message to the Government.

Please send your thoughts to us via the following email address: taxreform@au.gt.com