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BCTR's 10 Principles

1. The tax system should be simple, transparent and should minimise uncertainty.

2. The design, administration and operation of the tax system should be undertaken with full and effective consultation with relevant stakeholders including the business community.

3. The tax system should fairly balance the need to protect the taxation revenue base with the principles of a good tax system, i.e. efficiency, fairness (horizontal and vertical equity), simplicity, clarity, certainty and low compliance costs.

4. The tax system should enhance competitiveness by providing a climate conducive to improved investment in Australia and from Australia for Australian-based entities and individuals.

5. Indirect taxation at the state and territory level should be more efficient and competitive.

6. The pattern of Federal/State financial relations should be transparent, efficient and sustainable.

7. The tax treatment for savings should be consistent with an overall savings policy that encourages the sustainability of strong, ongoing growth.

8. The tax, and social security, treatment of personal income and fringe benefits should conform to the principles of fairness, efficiency and simplicity.

9. The tax system should avoid the double taxation of business income and provide relief for all business expenses.

10. The tax system should not impede organisational restructuring.