Tax Reform Survey 2016 released
30 March 2016
A record 523 respondents from around the country have participated in BDO’s annual Tax Reform Survey – taking the opportunity to send the Government a message after the scrapping of the Tax Reform White Paper process.
Respondents represented a broad range of sectors and business sizes and the sentiment from Australian taxpayers is clear – we have been waiting too long for genuine tax reform.
This year’s survey attracted more than double the number of respondents than in 2015, a clear sign the business community still sees holistic tax reform as an urgent priority even if the government does not.
With the fast-tracked Federal Budget on 3 May, and potential double dissolution election in July fast approaching, BDO is urging Prime Minister Turnbull and Treasurer Morrison to outline how they plan to tackle tax reform as a matter of urgency.
After getting so close to genuine tax reform through the Tax White Paper process, many businesses feel cheated by its recent abandonment and are fearful the Federal Budget will present only piecemeal measures and a vague commitment to look closer at tax reform after the next election.
Some of the key survey findings include:
- 80% of respondents agreed a review of the GST is essential to any discussion of tax reform
- 85% agreed state stamp duties are a significant impost on business and reduce the mobility of the population by discouraging the sale of residential and business real estate, and other business assets
- 59% agreed that a reduction in the corporate tax rate would improve the Australian economy by encouraging companies to invest and employ more staff - up from 50% in 2015
- 47% of respondents agreed the adoption of OECD’s BEPS initiatives was an appropriate way of discouraging companies from avoiding taxation in Australia, although about the same number had a neutral view, potentially indicating a lack of knowledge about the issue.
Download a copy of the Tax Reform Survey 2016.
If you have any questions relating to the Survey, please contact your local tax adviser.