On 9/12/18 1:06 pm, Stephen Loosley wrote:
ATO wants tech that will make tax and super "just happen" ... By Samira Sarraf
(ARN) 06 December, 2018
https://www.arnnet.com.au/article/650504/ato-wants-tech-will-make-tax-super-just-happen
One of the things computer professionals learn is that before building a
complex computer system, you should look to simplify the problem.
ATO could adopt the NZ system, where if your finances are not complex
you don't have to file a return. The ATO would send you a completed tax
return, and if there were no corrections you would not need to do
anything further:
https://www.ird.govt.nz/income-tax-individual/end-year/ir3/iit-what-is-ir3.html
Superannuation would be a little harder to fix. How about something
similar to Singapore? Make the Australian Future Fund the default super
fund, allow the use of an alternative fund only after you have a
"Minimum Retirement Sum", and pay out only as a lifetime annuity on
retirement? That should remove the need for most people to worry about
super, and most of the complexity the ATO has to handle. It would also
reduce costs, and reduce manipulation of the system for tax avoidance
and estate planning. https://en.wikipedia.org/wiki/Central_Provident_Fund
--
Tom Worthington, MEd FHEA FACS CP http://www.tomw.net.au +61(0)419496150
TomW Communications Pty Ltd. PO Box 13, Belconnen ACT 2617, Australia
Liability limited by a scheme approved under Prof. Standards Legislation
Honorary Senior Lecturer, Computer Science, Australian National
University https://cecs.anu.edu.au/research/profile/tom-worthington
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