The National Institute of Accountants (NIA) have welcomed Independent MP Rob Oakeshott’s proposal of a summit to address tax reform in Australia.
NIA senior tax adviser, Tony Greco said, “We applaud the decision that has been made to revisit tax reform. In the lead-up to the election it was put on the back burner. The review of the tax system has commenced the process and we now need to continue the job of implementing fundamental tax reform and make good use of the work already done in this area. “
“We hope the issues confronted by small business are at the forefront of the summit. The compliance costs facing small business are disproportionate to their ability to cope with such complexity. We will continue to push the Henry Review to ensure that small business remains front of mind.”
A recent survey of NIA members highlighted the desire of accountants to get on with the job of tax reform.
Mr Greco also added, “Australia faces growing demands with an ageing population, infrastructure spending and climate change. We need a tax system that can meet these challenges in a competitive global environment.”
