by Stephanie Caredes, CTA *
2016 was a year that, at the beginning, still held some hope for significant reforms to be made to the Australian tax system. While the momentum had waned, there still seemed to be some possibility that the promised tax reform white paper may come to fruition.
While we are all acutely aware that this did not occur, it is worth reflecting on the milestones that did occur in tax policy in 2016.
Budget focus – significant reforms
The Tax Institute welcomed the 2016-17 Budget as a good step in the evolution of the Australian tax system, though by no means was it a revolution. We felt that the changes promoted fairness in the aspects of the tax system that were impacted.