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| ICA Calls For Different Approach To Australian Budget Tax Changes |
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, February 02, 2010
In its 2010-11 pre-budget submissions, Australia’s Institute of Chartered
Accountants (ICA) has called on the government to overhaul its budget consultation
processes, by making policy-only announcements in relation to tax when announcing
the budget.
The ICA’s Tax Counsel, Yasser El-Ansary, said: “Some
of the tax changes announced as part of last year’s federal budget resulted
in significant disruption to the activities of many Australian businesses, and
jeopardised the remuneration structures of many employees across Australia.
What we would like to see is an alternative approach formalised and adopted
by the government to safeguard the stability of Australia’s tax system
at a critical time in fiscal planning for the year ahead.”
It is believed that the ICA is referring, in particular, to the government’s
announcement in the 2009-10 budget of changes to the tax treatment of employee
share schemes. Subsequently, the government had to address the concerns expressed
by stakeholders, resulting in further legislation which was not finalised until
October last year.
Mr El-Ansary added this would mean that budget announcements would become more
about the government’s desire to modify the underlying policy in a particular
area, rather than the detail of how the laws will actually be changed. “Well-established
protocols exist to undertake consultation on tax policy matters during the course
of the year, and a similar approach should be adopted on tax policy matters
dealt with in the context of the federal budget,” he said.
The ICA has also made a number of recommendations regarding tax and superannuation
policy, including a revamp of the tax laws that apply to private companies and
a review of the government’s recent policy announcements in relation to
the research and development tax regime.
The Institute is calling for reform of the superannuation excess contributions
tax, which imposes extreme penalties for those who breach the contributions
caps, and the abolition of tax laws that deny deductions, in certain situations,
for taxpayers who make personal superannuation contributions in addition to
employer contributions. The objective would be to create a level playing field
for all employees, regardless of their salary sacrifice or work arrangements.
.
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