MYEFO comment: Bold initiatives needed to accelerate process of reform
16 December 2015
Comments below are to be attributed to BDO Tax Partner David Blake:
“The Federal Government’s Mid-Year Economic Fiscal Outlook (MYEFO) identifies the need to re-calibrate the Australian economy from reliance on the resources boom to a more sustainable economy based on innovation and technical advances.
“However, apart from the overview provided by the innovation and science agenda announced last week — which BDO broadly supports — and an expectation that the Tax White Paper process will address the required structural changes, there’s a paucity of practical detail of exactly how this will be achieved.
“BDO would like the Federal Government to take bold initiatives to accelerate the process of structural reform.
“We welcome the recent incentives and concessions for start-ups but believe the measures should be broader and accessible to a wider range of innovative companies.
“The re-introduction of a revamped Infrastructure Bond program which provided a means through which SMSF and Retail Super Funds could invest directly into substantial infrastructure, would be another measure worthy of greater analysis.
“Currently there is little or no ability for SMSF and Retail funds to pool funds and invest in reforming infrastructure.
“A program of Infrastructure Bonds managed by a regulator is an opportunity that should be assessed.”
For more information on this release, please contact: Amanda Firth