A Quick Update for Small Businesses
The Board of Taxation – an advisory body tasked with improving the design and operation of tax laws – will be conducting a review of Australia’s small business tax concessions.
The Board is encouraging small business owners and advisers to have their say in the review process.
The Board is undertaking a review to:
- identify ways to improve small business tax concessions to ensure they remain effective, easily accessible, and well-targeted;
- identify new concessions and ways to improve existing concessions; and
- identify areas in which concessions that are less effective, or not well targeted, could be removed or scaled back to generate savings that can be redeployed in areas where they may have a greater impact.
The Board will make recommendations to the Government on how to efficiently target on the quality and effectiveness of tax laws and advise on the general integrity of the system.
Advice will be provided to the Government in October 2018.
- If you’re interested in participating, visit the Board of Taxation website or get in touch with your tax adviser!
- The deadline for your input is on Friday 20 July.
- The consultation guide can be found on the Board of Taxation website.
For more information or to schedule an appointment, please contact us below or call us on 03 9773 3660
Source: Tax Wise 2018