Australia’s tax system has become increasingly hard to navigate, especially for households and small businesses. Many agree it no longer reflects the realities of today’s economy or distributes the load fairly. The recent Tax Reform Roundtable brought these issues into focus, sparking discussion about how to make the system fairer and easier for all Australians.
Adam Pasquill, Partner at Highview Frankston, believes meaningful reform is needed to create a tax system that works better for everyone. He says it should ease the pressure on everyday Australians while still supporting growth and opportunity.
For the everyday Joe, Australia’s tax system can feel complicated and hard to navigate. In August, the Economic Reform Roundtable brought together experts from business, government, and community organisations to discuss ways to improve the economy. This forum explores challenges, shares ideas, and considers reforms that could make systems like taxation fairer, simpler, and more effective.
Tax reform means making changes to the tax system to simplify rules, make taxes fairer, support investment and innovation, and create a system that is easier to understand and more predictable. To help you make sense of it all, we’ve put together a clear summary of the key points.
Why the current system can be tough
The discussions showed that the current system can be difficult to understand, time-consuming to comply with, and often places a heavier burden on smaller businesses and everyday households. Certain taxes are seen as inefficient or poorly targeted, while some loopholes allow larger corporations to avoid paying their fair share. Experts agreed that reform should focus on reducing complexity, improving transparency, and making the system easier to navigate.
How reform could work
Proposals included simplifying tax rules, reducing compliance costs, and using tax more strategically to support work, investment, and productivity. Changes are being designed to encourage economic growth, innovation, and fairer outcomes for Australians. A predictable and consistent system will also help businesses make long-term decisions with confidence.
Why it matters to you
For households and business owners, the discussions are a reminder to regularly review tax arrangements and stay informed about potential changes. Even small adjustments can make a big difference in planning for the future and taking advantage of opportunities. A fairer, simpler, and more transparent tax system benefits everyone. It could make managing household budgets easier, give businesses more confidence to invest and grow, and support a stronger economy over time.
Key takeaways
- The current tax system can be complex, inefficient, and unfair for households and small businesses.
- Reform should focus on simplicity, transparency, and fairness for all Australians.
- Big companies need to pay their fair share while encouraging investment and innovation.
- A more predictable system helps businesses plan for the future.
- Staying informed about potential tax changes helps individuals and businesses make better financial decisions.
- A fairer, simpler tax system benefits both people and the economy.
What’s next for tax reform
While nothing solid has come from the Economic Reform Roundtable yet, changes are on the horizon. Staying informed and understanding the direction of reform will help households and businesses plan with confidence. If you would like any more information about this blog, reach out to your Highview Accountant.
