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Publication date: 23 Apr 12 | Source: THE TAX INSTITUTE

23 April 2012: Small business leaders from across Australia will meet in Sydney next week to discuss the myriad issues and challenges facing the small business sector and the need for a better definition to help with key reforms.

The inaugural Small Business Roundtable, a joint initiative of The Tax Institute and the Council of Small Business of Australia (COSBOA), will see small business leaders, economists, tax professionals and government representatives discuss current and future Government interaction with small business, including by considering what really makes a “small business”, and how that impacts on the Government’s current tax reform agenda. 

Robert Jeremenko, Senior Tax Counsel at The Tax Institute, said: “The Roundtable presents a unique opportunity to discuss what defines a small business and how that potentially impacts the Federal Government’s ambitious tax reform agenda. We’ll also discuss whether small business can be better supported via the tax system.”

Peter Strong, Executive Director, COSBOA, said: “This is a critical time to identify ways to decrease the complexity of compliance and regulation facing small businesses across the country.  A starting point is to agree that we are people first who operate through their own business and cannot be asked to have the same skills and resources of larger businesses.”  

“We’re pleased to offer this opportunity to bring together key representatives from across all relevant sectors to discuss small business and just who they are,” he added.

Specifically, the Small Business Roundtable will address issues including:

  • The definition of small business, both in terms of:
       - the applicable thresholds and complexity of the test; and
       - relevance of the "small business entity" test i.e. can this test be relevant for purposes other than tax (such as workplace relations); and
  • The Government's proposed tax reform agenda aimed at assisting small businesses including:
       - a potential limited carry back of losses;
       - lowering of the company tax rate; and
       - the instant asset write-off;
  • The compliance and regulatory burden imposed on small businesses as a result of a range of regulatory requirements, including with respect to workplace relations, competition policy, operational health and safety and contract law.

WHAT:  Small Business Roundtable hosted by The Tax Institute and COSBOA

WHERE:  The Tax Institute, Level 10, 175 Pitt Street, Sydney

WHEN:  9:30am – 5pm, Tuesday, 1 May 2012

-ENDS


For more information contact:

  • Robert Jeremenko, Senior Tax Counsel, The Tax Institute, (02) 8223 0011, 0468 987 300
  • Dylan Malloch, Sefiani Communications Group: (02) 8920 0700, 0407 620 613

Notes

The Tax Institute is the country’s leading professional association in tax. Its 13,000 members include tax agents, accountants and lawyers as well as tax practitioners in corporations, government and academia.  The Tax Institute supports the tax profession and its members by holding more than 350 tax events each year. It conducts educational courses, develops publications, maintains an online information resource and provides a comprehensive tax library and research service. It works to continually improve tax law and its administration.

The Council of Small Business Australia is the country's peak body exclusively representing the interests of small businesses. COSBOA was founded in 1979 and has a proud history of strong advocacy on small business issues ranging from taxation and workplace relations, through to competition law and retail tenancy.   We advance the interests of small business people through policy change and regulatory reform as well as increase awareness and understanding of the needs of small business people by public servants and elected government officials, larger businesses, the media and the general community.


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