Consultation guide
The BTWG has published a consultation guide to provide stakeholders with an understanding of how it will involve the community in its consideration of longer-term reform directions for the business tax system.
The BTWG has settled on a high level timetable for consultation. Updates to the timetable will be posted here as needed.
Timetable for consultation
August 2012 - Discussion paper – released
The discussion paper was released on Monday 13 August 2012.
Consultation on the discussion paper will continue during August
September 2012 - Discussion paper – consultation
Submissions in response to the discussion paper closed on 21 September 2012.
Public submissions made in response to the discussion paper are now available.
October 2012 - Draft final report
A draft of the final report was released on 19 October 2012.
As the draft final report includes only findings, not recommendations, the Working Group will not be seeking written submissions in response to the draft final report or holding a further round of consultation meetings with stakeholders.
November 2012 - Final report
The Working Group will submit its final report to the Deputy Prime Minister and Treasurer in early November 2012.
Completed reports
Final report on tax treatment of losses
The BTWG's final report on the tax treatment of losses was released on 13 April 2012.
The Working Group considers that loss carry back would be a worthwhile reform in the near term. However, the Working Group has not had an opportunity to explore the relative net-benefit of loss carry back compared with other business tax reforms. The Working Group also recommends that the Government undertake further work to develop a model for reforming the same business test. The Working Group considers that further analysis and consultation is required before any conclusions can be drawn on possible savings options to fund reforms to the tax treatment of losses.
Interim report on the tax treatment of losses
The Working Group's interim report on the tax treatment of losses was released on 11 December 2011.
The interim report explores the tax treatment of losses in Australia, in particular how this treatment affects Australian businesses' ability to respond to emerging challenges and take advantage of new opportunities presented by changes in the local and international economy. The report also outlines possible reform options that may increase business productivity, while delivering tax relief to struggling businesses.
The Working Group invited businesses and the wider community to make written submissions in response to its interim report.