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Tax reform: KPMG's submission to Treasury

Tax reform: KPMG's submission to Treasury

In July 2015, KPMG developed a submission for Treasury to consider as part of the Tax White Paper process. This document is intended to advance the debate on tax reform and avoid simply restating commonly agreed principles. It is far-reaching, and optimistic.

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We have attempted to think deeply – at the roots – about the inefficiency of our current tax system and the various problems we face in our federation.

The recommendations in this document are a call for fundamental change — intended to be creative, yet measured.

Underlying are the concurrent themes of greater productivity and equity. While some of the proposed reforms are far-reaching — they go a long way to helping shape the Australia we want in 2030.

We offer more than 60 recommendations. These include:

  • Having one tax collector in Australia
  • The elimination of bracket creep by linking thresholds to average full time earnings
  • Replacement of the fringe benefits tax system
  • A new progressive system for the taxation of land with the elimination of a number of highly inefficient taxes
  • A discount for unfranked dividends with greater consistency of capital taxation
  • Three new company structures to meet the needs of small business, innovation and collective investment.

© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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