[LINK] ATO wants tech to make tax and super "just happen"

[Tom Worthington]

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


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Tom Worthington, MEd FHEA FACS CP http://www.tomw.net.au +61(0)419496150
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Honorary Senior Lecturer, Computer Science, Australian National 
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