The Board of Taxation has conducted a review of Australia’s small business tax concessions. The Board’s review involved assessing the effectiveness of existing concessions and, where appropriate, recommending new concessionary approaches to the Government.
The Board has appointed its members Dr Mark Pizzacalla and Mr Peter Quiggin, PSM to lead the work on the review. Dr Pizzacalla and Mr Quiggin were assisted by a Reference Group comprising small business representatives, professional advisers and academics.
The Board has developed a Consultation Guide [PDF 483KB|DOCX 376KB] for this review. The Guide outlined the current suite of tax concessions applying to small business and sets out the principles for evaluating and improving the framework of tax relief. It also posed a number of questions and explained how small business owners and other stakeholders could participate in the review.
The Board would like to thank the many tax professionals, industry body representatives and small business owners who participated in our consultation process. The Board received 41 written submissions (with two being confidential) and met with over 70 small business stakeholders (including 45 small business owners).
|Australian Small Business and Family Enterprise Ombudsman||518KB|
|Burnett Business Centre||353KB|
|Chamber of Commerce and Industry (WA)||789KB|
|Cleary Hoare Solicitors||192KB|
|Damien (Hunter, NSW)||127KB|
|HLB Mann Judd||69KB|
|Institute of Certified Bookkeepers||185KB|
|Motor Trades Association of Australia||967KB|
|NSW Small Business Commissioner||940KB|
|Restaurant & Catering Australia||672KB|
|Small Business Association of Australia||554KB|
|South Burnett Fabrications + Attachment||201KB|
|South East Fire and Safety||158KB|
|Tax Institute of Australia||564KB|
|WA Small Business Development Corporation||3.4MB|
The Board completed its report in March 2019.
On 12 December 2019 the Government announced the publication of the Review of Small Business Tax Concessions report, noting it as a valuable contribution to public debate. The Government stated it will continue to consider the implications of the Board’s findings.
For further information about the Board’s report: review of small business tax concessions, please contact the Board of Taxation Secretariat at firstname.lastname@example.org or 02 6263 4366.