Tax forum 'unlikely to bring about total reform'

Wednesday 05 October 2011

Article by Mozo

Debit card customers hoping that the government will decide to change the tax laws in their favour during its forum at Canberra's Parliament House may be disappointed to learn that experts are not optimistic that there will be major changes.

Tax laws 'unlikely to be changed dramatically'

Speaking to News.com.au, Your Money columnists David and Libby Koch suggested that greater simplicity is needed regarding Aussies' taxes.

However, they stated that there has not been a tax summit since the 1990s in which there has been a fundamental alteration to the system.

"This one can't be about fundamental change either, because no one is allowed to talk about the carbon tax, GST [goods and services tax] and mining taxes. If it was serious about reform, then every tax should be open for discussion," they stated.

Mr Koch added that one of the most common suggestions heard recently has been to increase the GST from ten per cent to between 12.5 per cent and 15 per cent.

Last month, the Housing Industry Association called on the government to review the taxes levied on the property sector, suggesting the prohibitive taxes are having an adverse impact on the industry.

Have a question about debit cards? Ask the money gurus at Mozo Answers. ADNFCR-1761-ID-800748896-ADNFCR

Compare today's top debit cards

Back to top