The Australian government has announced a review of the tax impediments facing small business. To be undertaken by the Board of Taxation, the review will identify features of the tax system that prevent small business reaching their commercial goals. Specifically, the Board of Taxation will determine:
- Business and the broader community’s perspectives on issues in the tax system that are of most concern to small businesses
- Identify the short- and medium-term priorities for small business tax reform in Australia, while noting that frequent change is often cited as a contributing factor to the compliance burden facing small business.
- Have a particular focus on high priority options for simplification and deregulation
Recognising the diversity of the small business sector, the Board of Taxation has been asked to focus on aspects of the tax system that: “unreasonably impede the goals of a broad cross section of businesses, with a particular emphasis on impediments to growing into medium and large business.”
There is no indication that the Board will be taking public submissions, rather consulting with business groups. The Board is due to report to the government by 31 August 2014.
