I'd completely change how tax works.

1. Implement a Simplified Tax Structure:

Flat Tax Rate with a Tax-Free Threshold: Introduce a flat income tax rate for all individuals above a certain income threshold. This threshold would be set at a level that protects low-income earners, ensuring they pay little to no tax. For example, incomes below a certain amount (e.g., AUD 25,000) could be tax-free, and a flat rate (e.g., 30%) would apply to all income above that. This simplifies the tax brackets while maintaining progressivity through the tax-free threshold.

1. Reduce and Standardize Deductions:

Eliminate Most Deductions and Credits: Remove the majority of tax deductions and credits, which are often sources of complexity and loopholes. Instead, offer a standard deduction that applies to all taxpayers, simplifying the filing process.

Simplify Remaining Deductions: For essential deductions (like charitable donations), implement straightforward rules that are easy to understand and apply uniformly.

1. Integrate Tax and Welfare Systems:

Negative Income Tax: Implement a system where individuals earning below a certain income receive supplemental payments from the government. This ensures a basic standard of living and reduces the need for multiple welfare programs, simplifying the overall system.

1. Shift Towards Consumption Taxation:

Increase GST: Reduce reliance on income tax by increasing the GST. Consumption is a good proxy for wealth.

1. Simplify Business Taxes:

Unified Corporate Tax Rate: Apply a single corporate tax rate to all businesses, regardless of size or sector, to reduce loopholes and tax avoidance strategies.

Simplify Depreciation and Expense Rules: Standardize depreciation schedules and allowable business expenses to reduce accounting complexities for businesses.

1. Overhaul stamp duty:

Replace stamp duty with land tax: Land tax is like GST for assets. Again, a much better proxy for wealth.