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12 Apr 07 Reducing red tape and the regulatory burdens on business - update

In a press release issued on 12 April 2007, the Treasurer, Peter Costello, provided an update on the Government's progress over the past 9 months in reducing regulatory burdens imposed on business by Commonwealth Government regulation, and in improving regulation-making and review processes, in response to the Taskforce on Reducing Regulatory Burdens on Business (the Banks Taskforce).

In relation to taxation, the Treasurer said:

"The Government is developing legislation to align the eligibility criteria for small business tax concessions for GST, the simplified tax system, capital gains tax, fringe benefits tax and pay-as-you-go. The Board of Taxation also will soon report on the results of its scoping study on small business tax compliance costs.  Further, the Board of Taxation has commenced a study into the scope to apply consistent self assessment principles across all federally administered taxes."

For a copy of the Treasurer's press release, No 2007/026, 12 April 2007, go here

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