Small and family business concessions
Source: Taxation In Australia Journal Article
Published Date: 1 Dec 2021
Several policy goals have influenced tax legislation in the small business sector. One goal has been to incentivise greater small business capital re-investment. Another has been to provide small business owners with access to funds for their retirement, especially when, as ASBFEO notes, 62% of Australian businesses are sole traders with no employees. Both of these policies have guided the creation of the small business concessions rules. However, as a result of continuous and piecemeal legislative amendments, the tax rules affecting small business taxpayers have grown both in length and complexity. Each new amendment has imposed additional compliance costs on small business taxpayers who often do not have access to the advisory resources of larger businesses. In light of this, The Tax Institute considers that the tax law relating to small business concessions is due for significant reform.
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- Published By: The Tax Institute
- Published On:1 Dec 2021
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