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 335KBBoard 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.
