The paper "Australian Tax Review Systems - Henry Tax Review " is a good example of micro and macroeconomic essay. The success of any nation in the world depends on various things- the country’ s natural resources, the productivity of its citizen, the system of law governing and the good relationship with its neighbors and the international community. Interwoven with each and every of this is the design of its tax system. If the tax system of a given country is taut and trim, both the private and public institutions will be more effective and vital.
If the tax system is sclerotic and ragged, both are trouble For the last three decades, the Australian tax system has undergone a continuous reform process in response to the changing policy context since problems have been identified in the current policy settings. These reforms have supported fiscal position and have made huge contributions to the Australian economy. Particularly, this reform process has remarkably contributed to the resilience of the country’ s economy since 1997-98 and also during the recession in the developed countries (Chris Aulich, 2010). Aspects of the Australian system that require reforms Australia is currently facing various sets of economic/political, social and environmental circumstances that have greatly shaped tax and transfer policy since its inception.
Developing demographic, health and other pressures on the budget on various government levels, and anticipated challenges to the country’ s economic circumstances questions the durability of the tax and transfer system. The re-emergence of the Asian bloc as the world’ s center of economic activities together with the increasing globalization, that is characterized by capital mobility to labor, has had a significant effect on how investments are taxed and will advance the need for tax reforms that support the growth of productivity (Simon James, 2015). Why reform the Australian tax system Australia’ s tax system has become wanting to meet the criteria of a successful tax system.
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