In media release No 2011/153, issued 11 December 2011, the Treasurer, Wayne Swan, announced the release of the Business Tax Working Group's Interim Report on the Tax Treatment of Losses for public comment.
The Government established the Working Group following the Tax Forum in October 2011 with instructions to look at how the tax system could best help businesses increase productivity and respond to the pressures of a changing economy, particularly in relation to business losses. Any reform proposals that may be recommended by the Working Group must be funded by savings from within the business tax system.
Consultation on the interim report closes on 3 February 2012.
"I encourage businesses and the wider community to make submissions on the issues and ideas canvassed in the interim report, which will help inform the Working Group's final report on the tax treatment of losses expected in March 2012," the Treasurer said.