“Reform and budget repair conversations are tough, and aren’t politically palatable, we get that,” CA ANZ Group Executive, Advocacy & International Simon Grant said.

“The looming 2022 Federal Election also makes it likely this won’t be a bad news Budget.

“But the Budget speech – and the Opposition’s reply – provides a forum for the major parties to start talking about how they will go about post-election Budget repair.”

1. Replace the annual superannuation cap with a lifetime contribution cap and provide for joint spousal super accounts.

“The superannuation ‘glass ceiling’ is real, and these two steps could go a long way to making things fairer for women, allowing them to make more contributions later in life and catch their super balances up to their male peers,” Mr Grant said.

“These measures will have the added bonus of reducing compliance and administration costs for consumers and super funds.”

2. Make pay-as-you-go more accurate so low-income earners aren’t unfairly penalised and get to realise more of their take home pay earlier.

“Single Touch Payroll is now accurate enough to ensure that lower-income workers and those in casual or insecure jobs have as ‘real’ of a reflection of their take-home pay across their different employers as possible,” Mr Grant said.

“Because of this, there is no longer any need to slug these workers an arbitrary 20 per cent tax rate for working a second or third job trying to get by.

“Let’s provide our lowest paid workers with access to their ‘full’ pay earlier rather than waiting for tax time. These workers are most in demand right now and face the greatest cost-of-living pressures. It just makes sense.”

3. Extend the low- and middle-income tax offset and instant asset write off provisions.

“Covid’s been tough, and we are not out of the woods yet,” Mr Grant said.

“The low- and middle-income tax offset maintains balance to the tax system while broader reform can be worked through – and provides support to working Australians that need it most.”

4. Make the loss carry-back provision permanent.

“Loss carry-back is not a new concept. It was originally proposed in 2012 to support investment by reducing the tax bias against investing in riskier but worthwhile projects, particularly by SMEs, and to increase cash flows to businesses during an economic downturn. It’s a great way to continue stimulating productive investment,” Mr Grant said.

5. Make the ‘temporary’ shortcut method of claiming work from home expenses permanent.

“The future of work is now. Flexible and working from home arrangements – wherever those might be – are now standard and the tax system needs to recognise this permanently.

“And while we are at home, not everyone has a home office – working from your dining table every day effectively makes it your office. Let’s scrap the dedicated office space from the fixed rate method,” Mr Grant said.

6. Introduce a domestic GST electronic platform rule such as the one that applies to foreign electronic platforms.

“GST rules introduced to ensure overseas electronic platforms like e-bay and Amazon pay their GST have been really successful,” Mr Grant said.

“While domestic companies pay GST, domestic online platforms don’t have the same rules in place to ensure GST is captured in all sales, which is an unfair advantage.

“This is an easy fix to ensure we are minimising leakage from the system, and also that different company structures aren’t unfairly penalised.”

7. Release draft legislation to fix the ‘Backpacker Tax’ and announce new arrangements for working holiday makers.

“With international borders open and a severe worker shortage across the country, international workers – both skilled and unskilled – are urgently needed,” Mr Grant said.

“New legislation to respond to the recent High Court decision that the ‘backpacker tax’ contravened non-discrimination rules is needed – and our rural members are telling us businesses need certainty to employ working holiday makers.”

8. Increase rental assistance for older Australians.

“Our members work closely with people from all walks of life. One of our major concerns is about retired single people with minimal assets or income other than the pension or that receive rental assistance,” Mr Grant said.

“Many of these people – mostly women – are struggling with the cost of living and are under strained circumstances.”

9. Implement Board of Taxation recommendations on small business CGT concessions.

“Many viable businesses have been doing it tough due to Covid. As official lockdowns have ended – more are needing to either restructure their operations or sell part or all of their business,” Mr Grant said.

“By accepting the Board of Taxation’s review of small business tax concessions – it will be easier for SMEs to take the steps they need, as well as get the country back on normal ‘insolvency’ footing, with many zombie companies out there.”

10. Abolish the Tourist Refund Scheme.

“Australia is the only country that allows citizens and residents to participate in a tourist refund scheme, and it has significant non-compliance and revenue leakage,” Mr Grant said.

“Let’s knock that inconsistency on the head and save the budget more than $100 million per year, not even factoring in the administration nightmare associated with managing this."