In brief

CA ANZ’s pre-budget submission for 2025-26 calls for a:

• Road map to achieve tax reform 
• Post-implementation review of the myriad of complex and overlapping changes that have been made to the regulation of tax agents
• Review of the regulatory frameworks impacting tax, retirement and sustainability to achieve consistency and support compliance  
• Support for small business through policy initiatives and reducing the burden of compliance on professionals and their clients
• Lift in productivity by making it easier for employers to develop local talent and access global talent.

In an economically and geopolitically challenging environment, the March 2025 Federal Budget is the Government’s opportunity to make decisions that bolster a resilient and sustainable Australian economy that both withstands future obstacles and positions Australia for future success.

CA ANZ’s submission focuses on seven key areas which the government should consider as it prepares its 2025/26 Budget: 

• Commitment to tax reform, transparency and certainty
• Regulating and administering the tax system
• Enhancing transparency to build trust
• Supporting resilient and agile small businesses  
• Protecting dignified retirement for an ageing population  
• Achieving net zero with transparent and consistent sustainability reporting
• Boosting productivity through addressing skill needs and building the future workforce.  

Short term recommendations include:

• Undertaking a post-implementation review of the Tax Agent Services Act 2009 amendments and reduction of duplication and complexity of the regulatory framework for tax agents
• Clarifying the status of previously announced but unenacted measures
• Enforcing Government guidelines on consultation, including broad public consultation over a minimum 30–60-day consultation period and providing responses to feedback
• Removing ASIC register search fees to reduce the cost barrier to comply with Anti-Money Laundering and Counter-Terrorism Financing obligations
• Providing certainty and simplification to small businesses including making the temporarily increased instant asset write-off threshold a permanent measure
• Reviewing the financial adviser education standards and providing regulatory certainty for Chartered Accountants who are not licensed to provide financial advice
• Building capacity across government and business regarding mandatory climate related disclosures
• Refocusing the migration system on skills to tackle skill shortages and investing in accounting, financial, digital, AI and sustainability education and skills to build the future workforce.

Long term recommendations include:

• Committing to a road map for tax reform 
• Committing to simplifying and regularly reviewing the Corporations Act 2001 and the superannuation laws
• Funding an independent review to streamline corporate and personal insolvency laws
• Commissioning a Productivity Commission review of retirement tax and transfer policies, including aged care subsidies, to simplify and resolve inconsistencies
• Funding a statutory review to assess corporate sustainability reporting, regulation, and governance, including creating a roadmap to consolidate sustainability-related reporting requirements across government into a single framework
• Providing entitlements that learners can draw upon over their lifetimes to fund continuous learning, reskilling, and upskilling.