Summary of ACOSS proposals, Henry Review recommendations and the Government's response: tax reform
7 May, 2010
07 May 2010 | The Henry report provides a robust framework for future reform of the tax system, according to this paper. It is clear from that many of ACOSS's proposals were adopted by the Review, though it is not yet clear whether they will be adopted by the Government and some key proposals have been ruled out.
ACOSS's proposal to reform the tax treatment of superannuation contributions was adopted by the Review panel, along with more consistent tax treatment of investment income generally, restrictions on negative gearing, a broadening of Land Tax, the removal of inequitable tax offsets (such as the Senior Australians Tax Offset and the tax break on ‘golden handshakes’), a standard deduction for work expenses, and the extension of the pension income test ‘deeming’ arrangements.
ACOSS's proposal to reform the tax treatment of superannuation contributions was adopted by the Review panel, along with more consistent tax treatment of investment income generally, restrictions on negative gearing, a broadening of Land Tax, the removal of inequitable tax offsets (such as the Senior Australians Tax Offset and the tax break on ‘golden handshakes’), a standard deduction for work expenses, and the extension of the pension income test ‘deeming’ arrangements.