INTHEBLACK April/May 2024 - Magazine - Page 18
F E AT U R E
Various stakeholders
have advocated to reform
Australia’s tax system.
Productivity, sustainability and
intergenerational equity are
some of the reasons for change.
A shift away from income tax
as a key revenue source
is one option among many.
Tax
overhaul
overdue
As Australia faces major economic challenges, carefully planned
and thoughtful tax reform could be an important part of the solution.
Words Gary Anders
Tax reform has been a pressing issue
for many years, with various stakeholders –
from politicians to economists – advocating
for change.
In October 2023, the Paris-based
Organisation for Economic Co-operation
and Development (OECD) released
a detailed report that urges the Australian
18 INTHEBLACK April/May 2024
Government to introduce sweeping changes
to how it collects tax revenue.
The OECD has recommended that Australia
raise and broaden the goods and services
tax (GST), remove retiree tax concessions
on pension earnings, replace property stamp
duties with land taxes and consider introducing
inheritance and estate taxes.
