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Fact or fiction? A sustainable tax transparent form for closely held businesses in Australia


Currently a comprehensive review is being undertaken of the Australian tax system (the Henry Review). One of the potential reforms to be considered by the Henry Review is a proposal by the Institute of Chartered Accountants Australia and Deloitte for the introduction of a tax transparent company (the ICAA proposal). The ICAA proposal argues that tax transparency applying to closely held corporations and unit trusts will reduce their compliance burden and facilitate an enhanced tax system for micro-enterprises. If the claims made in the ICAA proposal are accurate, it could be contended that a tax transparent company provides a more sustainable tax system for closely held businesses in Australia.

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Dr Brett Freudenberg CTA
Photo of author, Brett FREUDENBERG Brett Freudenberg is an Associate Professor – Taxation at Griffith University (Australia). Brett is known for his research expertise in the tax law and policy issues facing private enterprises, as evidenced by his Fulbright Scholarship (2006) and over 50 refereed publications in leading Australian and international journals. Associate Professor Freudenberg’s research has analysed whether Australia should introduce a tax flow-through company (S Corporation), the tax treatment of discretionary trusts and the motivation for choice of business structure. Associate Professor Freudenberg’s research has informed government policy as he was invited to present his PhD research findings to the Australian Treasury as part of the Henry Tax Review. Brett is passionate about education being a transformative process, and his effectiveness as a teacher has been recognised through five national awards (including the award of two Australian Learning and Teaching Council citations: 2008 & 2011). - Current at 29 May 2017
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