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The government has now extended the deadline for pre-budget submissions ahead of its deferred October budget.
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Government seeks fresh input ahead of October budget
27 July 2020
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With this year’s federal budget now deferred to 6 October in light of the ongoing coronavirus pandemic, the government has now called for fresh pre-budget submissions up to 24 August.
Over 400 submissions were made to the government ahead of the announcement to delay the May budget to October.
Assistant Treasurer Michael Sukkar said previously lodged submissions would still be recognised as part of the 2020–21 pre-budget submission process, but he called on further submissions to shape its post-COVID response.
“The 2020–21 budget will outline the Morrison government’s plan for recovery from the impacts of the COVID-19 pandemic, focused on growing the economy and creating jobs for Australians,” Mr Sukkar said.
“The government is seeking further submissions from individuals, businesses and community groups on their priorities for the 2020–21 budget.”
Meaningful tax reform
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The Tax Institute’s director of tax policy and technical, Andrew Mills, has urged the government to use the upcoming October budget to implement “once-in-a-century changes” to the tax system.
“We hope the October 6 budget will not be a missed opportunity for tax reform, or to make permanent certain measures, such as the instant asset write-off,” Mr Mills said.
“We must not make the mistake of putting a band-aid on a terminally ill patient. Prolonging what are essentially emergency measures won’t make up for a lack of meaningful tax reform.
“The silver lining of a once-in-a-century pandemic may be that it presents an opportunity to make once-in-a-century changes to our tax system.”
Last week, the government revealed an $85.8 billion deficit in 2019–20 and a $184.5 billion deficit in 2020–21 as part of its economic and fiscal update, although no new tax measures were announced.
It also announced it would extend JobKeeper for a further six months, with tighter eligibility criteria and a two-tiered payment rate for full-time and part-time workers.
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