The Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, the Hon Chris Bowen MP, today announced the appointment of a Tax Design Review Panel that will be charged with examining how to reduce delays in the enactment of tax legislation and improve the quality of tax law changes.
This forms part of a key election commitment to streamline the process of introducing tax legislation and comes in response to community and business concern on the lack of certainty created by the former government's failure to implement announced changes to taxation law in a timely fashion.
"Delays in implementing announced changes to tax laws have been a source of frustration to taxpayers and tax professionals, not to mention the lack of certainty they create for business investment," Mr Bowen said.
"There were too many occasions where the previous government would publicly declare its intention to change the tax laws but failed to introduce such changes into the Parliament years down the track.
"Taxpayers should be able to have confidence that the tax laws reflect stated Government policy."
"Improved consultation at the earlier stages of tax laws changes will result in better law."
In conducting the review, the Panel will examine:
- options to reduce the delay between the announcement of proposed changes to tax laws and the introduction into Parliament of associated tax legislation;
- how the quality of the law can be improved through enhanced community consultation, particularly in the development of tax policy changes prior to the announcement of specific changes; and
- methods to increase community input into the prioritisation of changes to tax laws.
The Tax Design Review Panel will be chaired by Mr Neil Wilson of PriceWaterhouseCoopers and comprises Mr Duncan Baxter of Blake Dawson and Mr John Morgan of the Victorian bar along with representatives from the Department of the Prime Minister and Cabinet, Treasury, Australian Taxation Office and the Office of Parliamentary Counsel.
The Panel will meet with various stakeholders to garner views and welcomes comments from interested parties.
The Minister encourages all interested parties to submit their views to the Panel at taxdesignreview@treasury.gov.au.
The Panel will report its findings to Government by 30 April 2008.
8 February 2008
Media Contact: James Cullen - 0409 719 879