Newsletter
June Newsletter
Review of small business tax hurdles
The government has asked the Board of Taxation to conduct a "fast-track review" to identify features in the tax system that are hindering or preventing small businesses from reaching their commercial goals. The government says it wants "small business owners to spend less time on paperwork and more precious time and resources on growing their business".
The government says the Board's report should provide business and broader community perspectives on issues in the tax system that are of most concern to small businesses, and identify the short- and medium-term priorities for small business tax reform in Australia. In particular, the government says the report should focus on high priority options for simplification and deregulation.
The Board is due to deliver its report to the government by 31 August 2014. To assist the Board in identifying the most serious tax system impediments that small businesses face, the Board is conducting broad public consultations with the business community. Public consultation closes on 23 May 2014.