The problem is indisputable – women make up just over half of the Australian population yet, on average, they are paid $26,000 less per annum than men1
A concerted crackdown on the black economy could generate up to $5 billion per annum in additional Commonwealth revenue alone.
For several years now, KPMG has argued that the potential changes to the tax and transfer system need to be evaluated through a prism of gender equity.
Australia is at risk of becoming too inward-looking. We need to look out to the world if we are going to maintain our standard of living.
We believe nothing less than a national campaign to move Australia away from the black economy is needed – involving support from business, trade union, social services, civil society leaders and both sides of politics.
Grant Wardell-Johnson, Partner, Tax shares his first impressions on the 2017 Federal Budget.
It seems from the Budget that substantial tax reform is still off the table – though the moves on the black economy are important for the integrity of the system.
The Black Economy will feature on Budget night with the purpose of raising revenue and seeking equity for business. This should lead to a stronger tax system. But there is a need to balance privacy and ensure the rules actually work.
The Mid Year Economic and Fiscal Outlook (MYEFO), released yesterday, presents an interesting close to a year that commenced with a glimmer of hope of grand tax reform. We learnt…