The Interim Report of the Murray financial system inquiry has been released. The final report is due in November 2014. The Interim Report makes some 28 observations on the Australian financial system which reflect the inquiry’s current judgment, based on available evidence.
The Interim Report also includes a range of possible policy options. It listed a number of tax issues it said should be considered as part of the Tax White Paper process including: differentiated tax treatment of savings vehicles; negative gearing and CGT; dividend imputation (the Report said the case for retaining dividend imputation is less clear than it was in the past); tax treatment of superannuation funds; tax treatment of legacy products; GST and financial services; and tax treatment of managed funds.