The submission says that the inquiry into new taxes can make a helpful contribution to the understanding of the broader community about the importance of tax reform in underpinning Australia’s productivity, growth and community wellbeing.
It discusses how the design of the tax system is critical in driving incentives that reward productivity and innovation, as well as providing governments with the funds needed for public spending on essential services and a strong safety net.
Attached to the submission were two BCA publications: Unrealised Gains: The Competitive Possibilities of Tax Reform, and Five High-Level Principles for Tax Reform, both of which were two of the BCA contributions to the Henry review.