The Tax Institute welcomed improvements to the tax law design process announced by the Government today.
"The Government's commitment to streamline the tax law design process will assist in clearing some of the current back-log and help to future-proof the system to prevent further delays," said The Tax Institute's Senior Tax Counsel, Robert Jeremenko.
"A well designed tax law design system must adequately address the needs of tax professionals, business and the ATO."
"The Tax Institute's strong advocacy for greater stakeholder involvement in the tax law measures prioritisation process has resulted in today's Government commitments," Mr Jeremenko said.
"These commitments include greater stakeholder consultation on tax law reform priorities via regular meetings, and the formation of a Revenue Group Law Design Practice within Treasury to prioritise and project-manage the implementation of tax measures."
"We welcome the Government’s acknowledgment of the long-held concerns of Tax Institute members and commitment to action that should inject much needed certainty and simplicity into our tax system," Mr Jeremenko said.
"We look forward to engaging in consultation to prioritise and resolve the list of outstanding tax law measures and implementing the Board of Taxation’s recommendations."
The Tax Institute is Australia’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.
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