The tax system will soon be made more comprehendible and simpler, said the Australia Treasurer Wayne Swan on Sunday following the recommendations put forth by the Henry tax review.
Addressing the Sky News, Swan said that however nothing can be said about specific recommendation alterations, but in the first response to the proposed changes, it will be stressed that the tax system should be made more “fairer and simpler”.
He further elaborated by giving an example that over 70% of Australians are not able to fill their tax return on their own as it is complex and therefore they seek help of an accountant or a tax professional. He said that this implies that the tax system is too complicated for general people to understand and so, there prevails a need of simplifying the system.
Swan indicated that many long term changes will be implemented in the tax system by the Government. He also assured that “state budgets will not be worse off” if Government opts for the ideas from the review.
The date for the reveling of the much anticipated review of the recommendations along with the implementations has been scheduled on May 2.