Increase the tax-free threshold for small business owners on a rising scale up to $120,000 depending on the amount of staff they employ and the amount of GST they generate. BENEFITS: Owners will be encouraged to show all income as this will improve the bottom line for things like: value of business, getting loans, business more salable. Reduce the "Black economy". They will be more likely to employ more staff therefore... more »
The Tax White Paper process may be ended, but the structural tax problems remain.
We encourage governments to pursue structural tax reform - particularly focusing on our outdated tax mix and the problems articulated in the Re:think paper re aging population, our over-reliance on income taxes and under-reliance on taxes on consumption.
GST law does not adequately deal with joint ventures (JVs) and in particular, the use of multiple JVs within the oil and gas industry. To reduce complexity and achieve a revenue neutral outcome, propose the amendment of Division 48 of the GST Act to allow commonly operated GST JVs and/or GST JVs involved in common project developments to form a GST Group. Alternatively, amend the existing GST JV provisions of Division... more »
There is considerably uncertainty in the automotive industry as to which dealer incentives are subject to GST and which are not. Amend GST law to provide clarity by ensuring all dealer incentives are subject to GST.
The current time and value limits for correcting prior period GST debit errors range from 12 - 18 months and $10K to $450K depending on GST turnover. Where these limits are exceeded however, taxpayers are required to correct every impacted Business Activity Statement (BAS) lodged in the previous four years. This increases compliance costs for both taxpayers and the ATO. Propose therefore that both the time and value limits... more »
The current threshold for which a valid GST tax invoice must be held in order to claim input tax credits is $82.50 GST inclusive. This threshold imposes large administrative costs on businesses. Propose the threshold be increased to $150 GST inclusive.