Reform directions for the business tax system
The Business Tax Working Group was established following the Tax Forum in October 2011 to consider what kind of business tax system will best support Australia's future growth prospects in an affordable way. The purpose of this consultation guide is to provide stakeholders with an understanding of how the Working Group plans to involve the community in its consideration of business tax reform.
This consultation guide
The Government has asked the Working Group to focus its attention on how a revenue neutral cut to the company tax rate might be funded from within the business tax system.
The Working Group looks forward to working with the community in developing its advice to the Treasurer and has released this consultation guide to set out its proposed approach to consultation over the next six months.
The Working Group has settled on a timetable for public consultation. The timetable sets out indicative timing only, to maintain some flexibility.
In addition to providing a timetable for consultation, this consultation guide sets out the principles that the Working Group will use to guide its thinking about the merits of particular base broadening options that could accompany a cut to the company tax rate.
The Working Group will provide a final report to the Treasurer setting out its views in December 2012.
Timetable for consultation
- June 2012
- Consultation guide — released
- July 2012
- Discussion paper — released
The discussion paper is expected to be released in late July - August 2012
- Discussion paper — consultation
Consultation on the discussion paper will continue during August - September 2012
- Discussion paper — consultation
Submissions in response to the discussion paper are expected to close in early/mid-September - October 2012
- Draft final report
A draft of the final report is expected to be released in late October - November 2012
- Draft final report — consultation
Consultation on the draft final report will continue during November with submissions closing in late November - December 2012
- Final report
The Working Group is required to provide its final report to the Treasurer in December