Is tax too taxing for your business? Here is a chance to have your say
How will tax reform affect franchising? The Federal Government has released a discussion paper to initiate conversation about the possible reforms to the tax system in Australia and there is the opportunity to contribute to the discussion.
The Re:think Tax discussion paper poses 66 questions on the challenges and priorities for tax reform including those that relate to small business and their owners.
The Franchise Council of Australia has highlighted some of the questions.
- What effect is the tax system having on choice of business structure for small businesses?
- What are the most significant drivers of tax law compliance activities and costs for small business?
- How effective is the current range of tax concessions at supporting small business engagement with the tax system? To what extent do the benefits they provide outweigh the compliance, complexity and revenue costs they introduce?
- What other mechanisms could assist small businesses to engage with the tax system while decreasing compliance and complexity costs?
Kim De Britt, general manager at the FCA, said “The discussion paper recognises that navigating a complex tax system can be disproportionately burdensome for small businesses.
“The Franchise Council sees this as an important opportunity for the franchise sector to contribute to the conversation on the questions raised in the discussion paper. The FCA would therefore welcome input from our members on the issues and questions raised in the discussion paper and any potential impact they may have on franchising.”
- If you are interested in participating please email the FCA, which will be making a submission in response to the discussion paper by 1 June 2015.