Simpler returns considered as way to ease tax burden
TAX cuts funded by simpler tax returns could put more money back in the pockets of millions of Australians under a plan being closely considered by the Turnbull government.
Following the release of modelling that showed a GST rise to 15 per cent would raise $35 billion to pay for income tax cuts - but do little to boost economic growth after compensation - Treasurer Scott Morrison declared work on tax reform was "never done" and vowed to press ahead in an exclusive interview with Fairfax Media.
Economic growth and tax relief for working families, Mr Morrison said, would remain the government's key focus in the lead up to the budget but income tax cuts would be more "modest".
In a sign of where the government may land on tax system changes, the Treasurer praised the work of an inquiry, led by government MP Craig Laundy, to simplify Australia's complex tax deduction system and the principle of simplified tax returns.
"If you can't go down the tax mix switch [trading a GST rise for income tax cuts], the scale of changes has to be more modest," Mr Morrison conceded.
Read more at Brisbanetimes.com.au