The taxation review being conducted by Federal Treasury Secretary Ken Henry has invited public submissions on Australia’s future tax system in order to draft a consultation paper outlining the key issues.

That follows this month’s release of the Treasury discussion paper Architecture of Australia’s tax and transfer system.

The review panel has issued four framing questions for submissions. They are challenges that need to be addressed through the tax system, features the system should have in order to respond to the challenges, problems with the current system and reforms necessary to address those problems.

The insurance industry hopes the review will recommend cuts to insurance stamp duty and the fire services levy. Assistant Treasurer Chris Bowen has fuelled those hopes by promising the review will pay close heed to the imposts on insurance premiums.

Public submissions close on October 17 and will form a consultation paper to be released by the end of the year.

The panel is due to submit a report to Treasurer Wayne Swan by the end of next year.