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Board of Taxation SME tax review welcome

Publication date: 28 Mar 14 | Source: THE TAX INSTITUTE

28 March 2014:   The Tax Institute welcomes the Federal Government’s announcement today that the Board of Taxation will conduct a fast-track review of impediments in the tax system that unreasonably affect small business.

The Parliamentary Secretary to the Treasurer, the Hon Steven Ciobo MP, made the announcement at The Tax Institute’s 29th National Convention in Hobart today.

The Tax Institute’s President, Michael Flynn, said: “Tax professionals welcome the review by the Board of Taxation of the key stumbling blocks in the tax system for small business.”

“There is significant work to be done in respect of simplifying existing tax laws to alleviate the compliance burden on small business, including: streamlining access to small business concessions; simplifying carry-forward loss integrity measures; and identifying areas in which ATO processes and interactions with small business can be simplified.

“Another important focus area is trust tax reform in order to provide certainty and reduce compliance costs for the hundreds of thousands of businesses that operate through trusts.  It is encouraging to see that the Government will be considering the appropriate taxation of trusts in the context of the Tax Reform White Paper later this year.

“We also look forward to exploring with the Board the possibility of creating a separate ‘small business entity’ structure through which small business can operate, amalgamating the benefits of existing structures: the company, trust, partnership and sole trader,” Mr Flynn concluded. 

The Tax Institute’s National Convention, Australia’s premier tax conference, concludes its third and final day today in Hobart.

ENDS

Contact:

Robert Jeremenko, Senior Tax Counsel, The Tax Institute: 0468 987 300

Dylan Malloch, Sefiani Communications Group: 0407 620 613

 

The Tax Institute is the country’s leading educator and professional association in tax. Its 14,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.  The Tax Institute supports the tax profession through education and professional development and works to continually improve tax law and its administration.