CPA Australia pre-Budget submission

CPA Australia’s 2014 pre-Budget submission says Australia is at a crossroads and the upcoming Federal Budget is an opportunity to chart a new course which will drive economic growth over the next decade and beyond.

The submission says Australia’s current tax system remains a serious impediment to productivity growth and our international competitiveness. CPA Australia says it is concerned that, without serious tax reform, Federal and state governments will continue to make changes based on the need for greater revenue, with little or no consideration given to the broader economic and social impacts. Among other things, it recommends that the company tax rate be reduced, in stages, to 25 per cent, and the raising of the rate of GST or broadening of the GST base.