The Tax Institute welcomes the invitation to make a submission to the Board of Taxation in relation to its review of the small business tax concessions. We consider that there are two key issues in relation to the small business tax concessions that need to be addressed - a lack of simplicity and efficiency.
The complexity in relation to applying the concessions gives rise to high compliance costs and in turn can encourage complex structuring. We have made some general comments in relation to the small business tax concessions and specifically in relation to the small business CGT concessions below. We have also provided responses to the questions posed in the Consultation Guide where possible.