Tax changes likely in Budget
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The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, has signalled the likelihood of further tax changes impacting funds management and investment in the Federal Budget.
Responding to the handing down of the Johnson Report on the development of Australia as a financial services centre, Bowen said the Government had already acted on tax reform with respect to the withholding tax but acknowledged that there was more to do.
“I've said continually that there's more to do, and this report makes a number of important recommendations on what more can be done,” he said.
“We'll be considering [in respect to tax] in conjunction with our consideration of the independent tax review (Henry Review) and in conjunction with our budgetary considerations,” the minister said.
He said tax represented a key area with respect to promoting Australia as a financial services hub.
“That's the feedback received by the panel — it is feedback received by the Government and we've shown by our track record that we're more than happy to take that feedback on board,” Bowen said.
The contents of the Johnson Report, released by the Government on Friday, have been broadly welcomed by all sectors of the financial services sector, with both the Investment and Financial Services Association and the Association of Superannuation Funds of Australia giving it positive backing.
AUTHOR
Mike Taylor
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