Treasury has released the terms of reference for the review of
Australia’s tax system confirmed by the Treasurer in his Budget speech.

The review will encompass Australian
Government and State taxes, except the GST, and interactions with the
transfer system. In doing so the review will reflect the government’s
policy not to increase the rate or broaden the base of the goods and
services tax (GST); preserve tax-free superannuation payments for the
over 60s; and the Government’s announced aspirational goals for
personal income tax.

The review will be conducted in several stages. An initial
discussion paper will be released by the end of July 2008. The review
panel will provide a final report to the Treasurer by the end of 2009.