Key Documents
In the 2023–24 Budget, the government announced the small business package ‘Driving Collaboration with Small Business to Reduce the Time Spent Complying with Tax Obligations’. This package would deliver reforms to cut paperwork and reduce the time small businesses spend doing taxes.
Treasury is seeking views from interested parties on the draft legislative amendments and explanatory materials to implement one component of this package – allowing small and medium businesses up to 4 years to request amendments to their tax assessments.
The draft Bill amends tax law by extending the period for small and medium businesses to self-amend returns from 2 to 4 years.
This change will reduce the administrative costs of amendments on small and medium businesses by delaying their engagement with the burdensome amendment process currently required when the existing 2‑year self-amendment period expires.