Chartered Accountants ANZ response to Federal Budget

Chartered Accountants ANZ

CA ANZ welcomes some Budget announcements, but still waits for substantive tax reform

Australia’s peak accounting body Chartered Accountants Australia and New Zealand (CA ANZ) will continue to push for substantive tax reform and a roadmap to achieve it, despite welcoming aspects of tonight’s Federal Budget.

CA ANZ used its pre-budget submission to push for a wider discussion about the tax system, the heavy reliance on personal income tax collection and the need to consider the equity of the tax system, especially intergenerational equity, to help support the costs of an ageing population.

“The structural deficit means it’s well and truly time to discuss the sustainability of Australia’s heavy reliance on personal income tax collections. We again urge policymakers to keep an eye on the international competitiveness of our personal tax system,” Ainslie van Onselen, CA ANZ CEO said.

“That said, following our calls for well-resourced and better targeted regulatory activity outside our remit as a membership body at numerous parliamentary inquiries, I am pleased to see that ASIC staff will be increase by 14%, or 239 people.

“This is an important development as it’s in the best interest of the auditing and accounting professions to have a strong, well-funded regulator but CA ANZ will be looking f

/Public Release.