A Tax Plan for Our Future …
The Government has put in place a series of major reforms to build a stronger, fairer and simpler tax system:
- In the 2008 Budget, we delivered the first of three rounds of personal income tax cuts, and commissioned the Australia's Future Tax System Review (tax review).
- In the 2009 Budget, we delivered the Secure and Sustainable Pension Reforms, which included an historic increase in the rate of the pension, strengthened indexation, a new Work Bonus, and a gradual increase in the age pension age.
- In May 2010, we announced our Stronger, Fairer, Simpler package of reforms to get a fairer return on our non-renewable resources and support growth across the entire economy, including by cutting the company tax rate, providing tax breaks for all small businesses, boosting superannuation and making it fairer, and investing in regional infrastructure.
- In the 12 months that followed, we announced a further 12 measures that deliver on reform directions identified by the tax review, including important reforms in this year's Budget to boost workforce participation.
- Most recently, our Clean Energy Future package included major reforms which triple the tax-free threshold and take around one million extra Australians out of the tax system.
The upcoming Tax Forum will continue the conversation the Government started with the release of the Australia's Future Tax System Review last year.
The forum will be an important opportunity to get a broad cross-section of views on priorities and directions for further reforming our tax and transfer system.