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In a joint press release issued on 9 February 2007, the Treasurer and the Minister for Small Business and Tourism announced the release of exposure draft legislation containing proposals to reduce compliance burdens for small businesses. These proposals will standardise the eligibility thresholds for small business tax concessions from 1 July 2007.

Separate eligibility tests currently exist for GST, the Simplified Tax System, capital gains tax (CGT), fringe benefits tax (FBT) and pay-as-you-go (PAYG) small business concessions. Under the proposals, any business with annual turnover of less than $2 million will be able to access these concessions, subject to any additional criteria set out in the particular concessions.

Interested parties are invited to submit comments on the exposure draft legislation by 26 February 2007, which can be found on the Treasury website here

For a copy of the joint press release, No 2007/003, 9 February 2007, go here

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