If it could change the whole system of taxation without restriction, what should the Australian government do?
Concepts for a whole new style of taxation form the basis of the UNSW Business School’s two-day “Festival of Outrageous Tax Ideas” designed to develop unconventional tax ideas which address the future challenges confronting the country over coming decades.
“2015 is shaping up as a huge year for tax,” says UNSW Business School’s Neil Warren
. “Not only has the Commonwealth launched a Tax White Paper process, a White Paper is also being prepared on the Reform of the Federation. Add to this the protestation by States about the distribution of GST by the Commonwealth to the States and we have a recipe for major tax reform proposals being considered by all levels of government in the Australian Federation.”
The festival brings together leaders in the tax field from all disciplines and interests to work through new thinking on how to future proof the Australian tax system in a period when the demands on it will be ever increasing.
Professor Michael Walpole
will debate expanding the base and lowering the rate of consumption taxes, such as GST. He says, “why not follow the suggestion in the Henry Review and abandon the current invoice credit model of GST and replace it with a tax on consumption that is much closer to the Japan’s VAT model and which does not rely on individual invoices, but simply imposes a tax on the difference between the business’s sales of goods and services and the cost of its inputs. This would just be passed on to the consumer through pricing.”
is to look at income tax and Capital Gains Tax, along with as he says “neutralising negative gearing as an investment strategy. It has been the nettle that governments haven’t wanted to grasp. Why don’t they do it now?”
UNSW Adjunct Professor Nolan Sharkey will discuss “Making global corporates pay, and methods to prevent them from moving profits overseas.”
Professor Neil Warren will have the most controversial ideas, and consider ways to completely change funding within the Australian federation. He says, “states should raise their own revenue from an income tax – not a GST, not a payroll tax and not property taxes. This should be substantial, and multi-layered to allow them to exist without going cap in hand to the federal government. Separately, local government should be funded through substantial broad based property taxes.
Event date: Thursday 18th June & Friday 19th June 2015
Location: UNSW CBD Campus
For further comment call:
Julian Lorkin: 02 9385 9887