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Tax reform for private business paper

Published on 05 Sep 13 by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE

This paper focuses on:

  • Division 7A - What is its real purpose and what is its future?
  • Are Division 6 and Divisions 7 and 7A joined at the hip?
  • Should we have a retained business tax rate and a distributed tax rate in place of a corporate tax rate?
  • What tax rate should apply to retained passive income?
  • Should there be targeted “consolidation” rules for private business, or should the old section 80G and group rollover rules be reconsidered for private groups?

Author profile:

Keith JAMES
Keith is a partner at Hall & Wilcox, and is a member of the Family Business & Wealth Management and Taxation practice groups. Keith is a key figure in the tax advisory profession. In March 2004 he was appointed to the Board of Taxation. His involvement has extended to Chairman of the Public Accountants Committee, Victorian President, National Councilor, Chairman of the Taxation Centre of Excellence and the National Tax Advisory Committee for CPA Australia. Keith was the accounting profession representative on the Commissioner of Taxation’s Advisory Panel, his National Liaison Committee and the Advisory Committee on the Taxpayers Charter. He was joint Chairman of the working party on the National Review of Standards of the Tax Profession and a member of the steering committee of the Pappas Carter Report reviewing the Australian Taxation Office’s large case audit program.
Current at 20 August 2007
Click here to expand/collapse more articles by Keith JAMES.
 

This was presented at 46th Western Australian State Convention .

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