Background
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.
Working Group
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.
Consultation
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).
Submissions received
| Submitter | Download |
|---|---|
| Australian Small Business and Family Enterprise Ombudsman | 518KB |
| Barnett, Greg | 264KB |
| BDO | 179KB |
| Bunting, Lloyd | 161KB |
| Burdenda Station | 413KB |
| Burge, John | 107KB |
| Burnett Business Centre | 353KB |
| Business Clarity | 390KB |
| Business SA | 110KB |
| Chamber of Commerce and Industry (WA) | 789KB |
| Cleary Hoare Solicitors | 192KB |
| Cook, Alex | 104KB |
| CPA Australia | 299KB |
| Crowe Horwath | 80KB |
| Damien (Hunter, NSW) | 127KB |
| HLB Mann Judd | 69KB |
| Hulland, John | 75KB |
| Institute of Certified Bookkeepers | 185KB |
| Jacomas, Belinda | 86KB |
| Just Tax | 310KB |
| Laina, Chris | 298KB |
| Lam, Dung | 134KB |
| MKS Business | 112KB |
| Motor Trades Association of Australia | 967KB |
| NSW Small Business Commissioner | 940KB |
| Orr, Felicity | 176KB |
| Polglaze, Alex | 109KB |
| Porracin, Anthony | 108KB |
| Restaurant & Catering Australia | 672KB |
| Sahani, Bharat | 112KB |
| Small Business Association of Australia | 554KB |
| South Burnett Fabrications + Attachment | 201KB |
| South East Fire and Safety | 158KB |
| Taplin, Janice | 96KB |
| Tax Institute of Australia | 564KB |
| WA Small Business Development Corporation | 3.4MB |
| Wallace, John | 104KB |
| West Garbutt | 127KB |
| Wilson, Eric | 335KB |
Board Report
The Board completed its report in March 2019.
Government Response
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.
Further information
For further information about the Board’s report: review of small business tax concessions, please contact the Board of Taxation Secretariat at taxboard@treasury.gov.au or 02 6263 4366.
