“Change is inevitable – except from a vending machine.” Robert C. Gallagher
With a new decade comes new changes. The naughties will be remembered for many changes to the way we live life and do business including – the HIH and Enron Scandals, the Iraq and Afghan wars, Goods and Services Tax, Generation Y, the Global Financial Crisis, Technology, Social Media etc. So what changes can we predict for the new decade? Sticking to what we know best, we know the Henry Report will soon be knocking on our door. On 23 December 2009, the Australia’s Future Tax System Review Panel delivered its final report (“the Henry Report”) to the Government. When it received the Henry Report, the Government said it would consider its contents and release it in early 2010, along with an initial response.
Knowing that no change is certain, we won’t guess how the Henry Report will change our tax environment, but not surprisingly, parts of the Henry Report have been leaked to the media. The media has suggested that the Henry Report’s recommendations include:
- Doing away with compulsory tax returns for many individuals;
- The implementation of various changes to the taxation of capital gains; and
- The introduction of a range of new imposts including a Medicare style disability levy, a national profit-based resource rent tax and road congestion levies.
Described by Treasurer Wayne Swan as “the most comprehensive review of Australia’s tax system since World War 11”, like many taxpayers, mta optima eagerly awaits the release of the Henry Report. Mr Swan announced on 14 March that the report would be made public by the time the budget is delivered on May 11. In fact, the two documents could be unveiled on the same day. As the report is released, here at mta optima we will keep you up to date regarding the impacts this will have on your business and personal tax position.
With 30 June fast approaching we will be contacting our clients over the coming month to obtain information to prepare 2010 tax planning advice. The sooner we obtain this information from you, the sooner we can start planning for a better 2010 tax outcome for your business.
We would also like to remind you to check our website for regular updates. Matthew writes a regular blog that can be subscribed to by clicking on the mta blog link on our home page and subscribing at the bottom of this page by entering your email address.
From the team at mta optima, we look forward to helping you and your business deal with change in 2010.