Government announces membership and terms for business tax group
The Federal Government has announced the terms of reference and appointments to the Business Tax Working Group that is charged with conducting an inquiry into how the tax system can best assist businesses respond to a changing economy.
The group will consider reforms that can increase productivity while delivering tax relief to struggling businesses and develop a set of savings options within business tax, such as broadening the base and addressing loopholes or unnecessary concessions.
The group will focus on the following reform options:
- in the near term, by looking at changes to the tax treatment of business losses; and
- in the longer term, by looking at options like reducing the corporate tax rate further or alternatives such as allowances for corporate equity.
The working group will also be required to identify options to fund any proposals from within the business tax system.
The membership of the Business Tax Working Group will be:
Chris Jordan (Chair)
Board of Taxation
Business Council of Australia
Australian Council of Trade Unions
Ernst & Young
Chair, Taxation Committee, Business Law Section
Law Council of Australia
Director of Public Policy
Australian Industry Group
Corporate Tax Association of Australia
Professor of Economics
University of Melbourne
Executive Director, Revenue Group
Further detail on the Working Group can be found here