A new tax working group has been announced in Australia to look at reforms that could increase productivity and deliver tax relief to struggling businesses. Developing a set of savings options within business tax, such as broadening the base and addressing loopholes or unnecessary concessions will also fall into their activities.
The group will also focus on reform options for tax treatment of business losses e.g., relieve taxation of new investment or reducing the corporate tax rate further or alternatives such as allowances for corporate equity. The group will also try to find out options to fund any proposals from within the business tax system. The group must consider the Australia’s Future Tax System Review as well as relevant international experience and expertise while developing its recommendations.
