The Government has asked the Board of Taxation to conduct a review to identify features in the tax system that are hindering or preventing small businesses from reaching their commercial goals.
We recognise the need to unshackle the small business sector and make life simpler for small business especially when it comes to their interaction with the tax system.
Not only do we want to make Australia one of the best places to start a business, we want to make it one of the easiest places to stay in and grow a business.
The Government is fully committed to the Tax White Paper process and this Board of Taxation review will complement the process with a dedicated focus on the small business sector to drive innovation and jobs growth.
We want small business owners to spend less time on paperwork and more precious time and resources on growing their business.
We can start by making their dealings with the Australian Taxation Office simpler, which is what this review is about.
The Board of Taxation will draw on its extensive links with small business and the expertise of its Advisory Panel in developing its report to the Government before 31 August 2014.
A copy of the terms of reference for the review is available on the Board of Taxation's website.