In a joint media release issued on 12 November 2008, the Assistant Treasurer, Chris Bowen, and Minister for Small Business, Craig Emerson, announced the release of the Board of Taxation's scoping study on small business tax compliance costs.
The study makes 31 findings that provide valuable information about small businesses in Australia and guidance on identifying opportunities to reduce compliance costs further. The study confirms that compliance costs have a proportionately greater impact on smaller businesses than larger ones. The study also finds that changes to tax laws, even beneficial ones, still impose compliance costs in understanding those changes.
The Assistant Treasurer said that although the study did not identify specific measures that would lead to a large reduction in compliance costs, it will make a valuable contribution to the Government's deregulation agenda. "I have also asked that the report's findings be considered in the context of the comprehensive review of Australia's tax system (Australia's Future Tax System) which the Government announced in the 2008-09 Budget", Mr Bowen said.
For a copy of the media release, No 2008/096, 12 November 2008, go here.
For a copy of the Board's press release welcoming the release of the study, No 22, 12 November 2008, go here.