It has been said, on the whole, John Ralph and his committee must have been disappointed with the government response to their report. The centrepiece of the report is the shift of the basis of business taxation to cash flow and the tax value of assets, and this has been put off for further consultation. The Government has taken a piecemeal approach to the recommendations, and while there is to be significant change to the tax system in Australia, it is not the wholesale change envisaged and recommended by John Ralph. However, the Government has taken up the small business measures recommended by the Review, including the Simplified Tax System and Capital Gains Tax reforms
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