The Board of Taxation is conducting a review of tax concessions that apply to small business. This will involve assessing the effectiveness of existing concessions and possibly recommending new concessions to Government.
A consultation guide has been released which includes an outline of the current small business concessions (such as the lower corporate tax rate, the small business tax offset, the small business CGT concessions etc.) and the broad principles that will be applied in considering reform options, being:
- The concessions should be designed having regard to the small business life cycle,
- The concessions should assist in cash flow for small businesses,
- The concessions should relieve compliance burdens on small businesses,
- The concessions should promote growth and innovation,
- The concessions should be targeted and affordable, and
- The concessions should not create incentives for complex business structuring
Consultation on the review will involve public forums and meetings over the next few months. Information about these meetings will be available on the Board of Taxation website, although this information has not been posted yet. Written submissions can also be made up until 20 July 2018.
To find out more about the information on small business concession issues or ideas that may inspire you, please contact Tax Ideas Accountants & Advisers…https://taxideas.com.au/booking/ Tel: (02) 8318 1545