well by the looks of it , there will be a lot much going on , once the Henry tax review is released and more importantly the changes that will flow on from there on. When i look above at this post title ‘Whats up Mr henry ? , it reminds me of this song “sorry Ms jackson – By outcast”
Here comes the Henry tax review
Here are the lyrics ( not)
I’m sorry Ms. Financial advisers [OOOH]
I am for real
Never meant to make your Lot cry cry
I apologize (not )a trillion times ( kevid rudd is backing me Up)
I’m sorry Mssrs. Property Investors [OOOH]
I am for real
Never meant to make your bank account dry
I apologize a trillion times
well that sums up what many are expecting from it , harsher laws on property investors and tighter rules on financial advisers and firms. Small business owners are hoping the Henry tax review will slash and simplify business taxes. Speculation is growing in the media the Australian government will look to lift taxes on the mining sector as a result of the Henry Review of the national tax system.
Dr Ken Henry has made it plain he thinks stamp duty is an odious tax that should be done away with – downright unfair and inequitable.
On superannuation, where the present concessional taxing arrangement greatly favours those on higher marginal tax rates (that is, those who already have the greatest capacity to save), the report is likely to recommend arrangements that redirect more of the tax benefit to those on lower marginal rates.
The report will also possibly recommend reform of state taxes. It may propose that steps be taken to harmonise the tax bases (including tax-free thresholds and exemptions) and possibly rates between the states.
It may recommend the removal of stamp duty on insurance policies but it won’t recommend removal of stamp duty on conveyancing for as long as the family home is exempt from capital gains tax.
Australia’s Future Tax System Review Pane ( The Henry tax reform review)
Federal Treasurer, Wayne Swan. Says “The Henry review tax system was likely to help frame federal budgets over the course of a decade and would be offering no quick fix”. The Government has said it will consider the review and release it in early 2010, along with an initial response.
Since being established in 2008, the Panel provided many opportunities for people to make a submission and engaged with the community through public meetings and focus groups, meetings with representative business and community groups, discussions with other government departments and agencies, and through its tax-transfer policy conference held in June 2009. Around 1,500 formal submissions were received, canvassing a wide-range of issues of concern to the community – an extremely rich source of information which helped the Panel shape its recommendations
So what comes from this refom we will just have to wait and watch ?
So who is Henry or more specifically Dr.Ken henry ?
Dr henry is the main architect of this Henry tax reform review report of which many of the suggested reforms might get implemented. The Treasury secretary’s report will lay out a blueprint for the direction of reform over the next 25 years, to act as a guide to governments in their day-to-day decision-making. The big major report before this one in Australia was the “Asprey report of 1975”. He has been in the tax reform business for a long time” – he was a central player in most of the big tax policy shifts of the past 25 years, and has unparalleled expertise in the area.
Dr Henry was born in Taree NSW on 27 November 1957. He completed a first class honours degree in economics at the University of NSW in 1979. . In September 1984 he returned to Australia, accepting a position in Treasury’s Taxation Policy Division.
On 27 April 2001, Dr Henry was appointed Secretary to the Treasury. Dr Henry was reappointed for a further 5 years from 27 April 2006. He is an ex-officio member of the Board of Taxation, member of the Board of the Reserve Bank of Australia, Alternate Governor (for Australia) of the International Monetary Fund and Chairman of the Advisory Board of the Australian Office of Financial Management. Dr Henry was awarded a Companion of the Order of Australia General Division (AC) in the Australia Day Honours 2007.
Related Links:
http://taxreview.treasury.gov.au/Content/Content.aspx?doc=html/home.htm
http://www.treasury.gov.au/content/secretary.asp?ContentID=346&titl=Secretary%20to%20the%20Treasury
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