Tax 2025, KPMG’s discussion paper, sets the scene for what lies ahead, and how it will impact the Australian tax system.
In 2025 Australia will have an ageing population, putting more strain on health and aged-care. There will be an increasing need for infrastructure development, while the demand for advanced education will rise as people work longer and pursue multi-stage careers.
The focus is on 2025, which is beyond the short term and provides a perspective on the longer view. Our general attitudes to the future tend to range across multiple spectrums of optimism and pessimism, fear and embrace and continuity and dislocation as examples.
The paper takes an optimistic view about the future and humanity, despite raising awareness around the many issues and changes that Australia needs to prepare for. Whatever one’s attitude to the future, thinking about it provides the positive environment for agility and flexibility that we all need in our businesses and careers.
Thinking about the future and new paradigms is itself beneficial. The overall goal of this discussion paper is to envisage what the practice of tax will be like in 2025.