Henry tax review to ease burden on taxpayers, but no quick fix
Federal Treasurer Wayne Swan said that the ongoing Henry Review of the country's tax system would definitely ease the burden to taxpayers when filing their income tax returns, but said the review cannot be expected to provide any quick fix.
Swan said the result of the review would guide the drafting of the federal budgets over the next decade. But he refused to provide any details in the wide ranging evaluation of the tax policies. The result is scheduled to be made public next Sunday.
Speaking in Washington, Swan said the review covers a "really broad" range of issues which he refused to describe as a dressed-up package.
''There are some things we could do now. There are a lot of things which we might want to discuss. There are some things that we'll rule out. Essentially, it's an agenda for a decade, not the next 10 months," he said.
According to the official, the government is expected to issue its response to the review led by Treasury Secretary Ken Henry. He advised the public to wait on budget night for full disclosure of the review.
He also reiterated his suggestion to have a simplified system of filing income tax returns as study indicates that 70 percent of individual taxpayers hire tax agents to fill in their returns which entail additional cost.
Swan said this is one of the most important reason to have a simple system.
Australia will release its fresh annual budget for the next fiscal year, on the back of uncertain global financial recovery and the prolonged debt default crisis in Greece that is threatening to drag the whole European Union into financial implosion.
It is also faced with a multi-billion dollar fresh spending on hospitals deals with the states.