Reducing the red tape for small businesses
22 January 2015: The ‘Review of Tax Impediments Facing Small Businesses’ by the Board of Taxation was published this week. The report outlines the Government’s plans to reduce the red tape hindering the success and growth of Australia’s small businesses.
Keith Hardy, lead tax partner, Deloitte Private, comments: “The Government’s report is generally positive news and a step in the right direction for small businesses. However, it is disappointing a number of the more complex or fundamental issues are being prioritised in the medium-term, rather than more immediately. Small businesses will be concerned that issues such as a simplification of the small business capital gains tax (CGT) concessions and a review of the fringe benefits tax (FBT) system, placing it in the hands of employees through the PAYG system, have been pushed back for now.”
Hardy adds: “We look forward to the Government publishing its White Paper later in the year and hope that in addition to further details of these proposals there will be some changes to the prioritisation of the issues.”
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