Wow! What a great start to The Tax Summit: Project Reform Virtual Summit. Across Day 1, we had some fabulous sessions, where our expert speakers came together virtually from across the country to share ideas, challenge long-standing positions and suggest brave and bright new ideas to reshape and reform our tax system.
What clever ideas will come out of Day 2? The bright minds of our speakers will be on display as they suggest bold pathways as to how our currently unsustainable tax system could be and should be reformed.
Of some of the ideas that have emerged so far, which reform most appeals to you?
◾ Expanding the meaning of ‘SG employee’ to include workers more broadly, such as gig economy workers?
◾ Having a lower business tax rate (say 25%) for all business income, irrespective of entity type?
◾ Replacing the four small business CGT concessions with a single concession, incorporating a lifetime business retirement cap of $1.6m, which is agnostic across asset types as long as it’s a business/active asset?