Last week, we highlighted the Board of Taxation’s review into tax system impediments facing small business. The Board has been asked to identify the short and medium-term priorities for small business tax reform and is to particularly focus on high priority options for simplification and deregulation. The Board’s report is to focus on aspects of the tax system that unreasonably impede the goals of a broad cross section of businesses. The Board’s Terms of Reference for this review are available on its website.
The Board is asking for submissions identifying the most serious tax system impediments small businesses face in trying to achieve their goals as well as an indication of their relevant priority and any suggested solutions to the impediments stakeholders have to offer.
The Tax Institute is keen to capture members’ top priority areas for reform in the tax system that are most obstructive to the growth and operation of small businesses in its submission to the Board. We are keen for member input to identify these priority areas and in so doing, it would be useful if members could identify how the impediments relate to particular circumstances of a small business, for example:
- Industry/sector in which the small business operates;
- Size of the business (number of employees/capital employed/annual turnover);
- Stage in the lifecycle of the business (start-up/mature/winding-up).
Practical examples or descriptions of common situations/business structures in which the impediments regularly appear would be useful for us to provide to the Board.
We strongly encourage all members to participate and send us your top priority issues and suggested solutions to Tax Policy by Monday 5 May 2014.