The Australian Financial Review --- Page: 63 : 8 May 2007 Original article by Jeffrey Pope
ABIX Summary
It is widely acknowledged that the personal income tax system in Australia needs to be simplified and reformed. It is both inefficient and outdated. Those on higher incomes tend to avoid tax and there are high effective marginal tax rates on low incomes. There are several proposals for change and all involve simplification. Those taxpayers who make only small capital gains each year should pay very low capital gains tax rates. Those people who pay little or no tax should not have to put in a tax return each year. The Australian Government must bring about tax reform in the interests of integrity and efficiency.
