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Aligning Concessions for Small Business Draft Bill

Date:

Thursday, 8 February 2007

Content ID:

1229

Abstract:

On 13 November 2006 the Treasurer and the Minister for Small Business and Tourism announced that the Government would be introducing legislation aimed at making it easier for small businesses to determine their eligibility for and to access those concessions and special features of the tax law that are designed to assist small business.  The legislation will reduce compliance costs for small businesses in Australia by standardising key aspects of the eligibility criteria for concessions, building upon changes announced in the 2006‑07 Budget.  

Instead of having to undertake separate eligibility tests for the Simplified Tax System, goods and services tax, capital gains tax, pay-as-you-go instalments and fringe benefits tax small business concessions, businesses will simply need to calculate (or estimate) their annual turnover.  Any business with annual turnover of less than $2 million will then be able to access any of these existing concessions if the other criteria to the concession are met. 

A draft bill of the legislation is now finalised.  Interested parties are invited to provide written comments on the draft bill prior to its introduction into Parliament.

Submission closing date: 26 February 2007

Address written submissions to:

Aligning Concessions for Small Business
Tax System Review Division
The Treasury
Langton Crescent
PARKES  ACT  2600

Fax: 02 6263 3860

Documents Available:


Acrobat (PDF) documents

 Acrobat (PDF)

Small Business Alignment draft Bill  258.12kb

Microsoft Word (RTF) documents

 Microsoft Word (RTF)

Small Business Alignment draft Bill  630.11kb

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