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Engaging the community in business tax reform

Date

The Working Group's terms of reference require it to consult widely with industry and the broader community. In preparing its final report to the Treasurer on long-term business tax reform options, the Working Group intends to undertake two rounds of public consultation.

 

  Discussion paper Draft final report
What is the consultation document expected to contain? The discussion paper will focus on:
  • an overview of the potential benefits to the economy as a whole from business tax reform, focusing on a company tax rate cut;
  • a range of potential offsetting base broadening options that might contribute towards funding a cut to the company tax rate;
  • an assessment of potential reform packages (comprising different combinations of base broadening options and a cut to the company tax rate) against the principles for business tax reform adopted by the Working Group;
  • Treasury's revenue costings of potential reform packages; and
  • a discussion of potential tax design issues associated with particular reform packages, including the need for transitional rules.
The draft final report is expected to contain:
  • draft recommendations which reflect the Working Group's current thinking on potential savings options;
  • a summary of the key themes from consultation on the discussion paper; and
  • further information and analysis which have informed the Working Group's thinking so far, including potential impacts on national income and macroeconomic risks.
When is it likely to be released? Late July 2012 Late October 2012
How long will stakeholders have to respond? 6-7 weeks 4-5 weeks
Will the Working Group be meeting with stakeholders? The Working Group will endeavour to hold meetings with a range of stakeholders during this time. The Working Group will endeavour to hold meetings with a range of stakeholders during this time.