Tax changes likely in Budget
|
|
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, has signalled the likelihood of further tax changes impacting funds management and investment in the Federal Budget.
Responding to the handing down of the Johnson Report on the development of Australia as a financial services centre, Bowen said the Government had already acted on tax reform with respect to the withholding tax but acknowledged that there was more to do.
“I've said continually that there's more to do, and this report makes a number of important recommendations on what more can be done,” he said.
“We'll be considering [in respect to tax] in conjunction with our consideration of the independent tax review (Henry Review) and in conjunction with our budgetary considerations,” the minister said.
He said tax represented a key area with respect to promoting Australia as a financial services hub.
“That's the feedback received by the panel — it is feedback received by the Government and we've shown by our track record that we're more than happy to take that feedback on board,” Bowen said.
The contents of the Johnson Report, released by the Government on Friday, have been broadly welcomed by all sectors of the financial services sector, with both the Investment and Financial Services Association and the Association of Superannuation Funds of Australia giving it positive backing.
AUTHOR
Mike Taylor
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
