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Tax concessions for small businesses target the development of small businesses and maintaining economic stability in the country by enabling the creation of more jobs in the business sector. However, the effectiveness of tax concessions depends on the legal basis of the Income Tax Assessment Act, which defines the states requirements for small businesses and their eligibility for capital gains tax (CGT) concessions. This paper will analyze the information provided in the Australian governments reports on small business tax concessions and explore the existing body of literature to define how the existing legal requirements can be improved.
Firstly, evaluation of the effectiveness of the current system of providing concessions for small businesses requires analysis of the latest financial reports from the Australian governments Board of Taxation. The latest review of small business tax concessions features valuable statistics that will provide a significant factual basis for the future paper (The Board of Taxation, 2019). Furthermore, the report of the Australian Small Business and Family Enterprise Ombudsman (2021, 14) features important data about small businesses contributions to tax revenue. Next, the Australian Small Business and Family Enterprise Ombudsman (2022) report on small businesses contribution to business numbers provides important information regarding the number of employees in small businesses. Thus, the paper will be based on authentic data provided by Australian government agencies.
Furthermore, to define possible measures of improving the system for providing concessions for small businesses, the paper will consider several scholarly articles. For example, the article written by Hanson (2021) defines the connection between tax concessions and overall economic development. The article by Sadiq and Krever (2021) examines the effectiveness of applying tax concessions in post-pandemic conditions. Next, the case study by Nieuwenhuizen (2019) defines how legislation and taxes influence small, micro, and medium enterprises in other countries, which may provide a valuable global perspective on the theme of the paper. Lastly, publications about CGT concessions in Australia can contain important information about possible changes to the existing system and its shortcomings (Sledgers and Marateo, 2019; Pembrick, 2022).
Therefore, defining the potential improvements for the existing systems will involve reviewing existing problems and exploring the potential directions for growth. In conclusion, the paper will analyze the statistical data provided in the Australian governments reports on small business contribution to tax concessions and define how alternative legal requirements can improve the development of small businesses.
References
The Australian Small Business and Family Enterprise Ombudsman. 2021. Small Business Counts December 2020. . Web.
The Australian Small Business and Family Enterprise Ombudsman. 2022. Contribution to Australian Business Numbers. . Web.
The Board of Taxation. 2019. Review of Small Business Tax Concessions. The Board of Taxation. Web.
Hanson, Andrew. 2021. Taxes and Economic Development: An Update on the State of the Economics Literature. Economic Development Quarterly 35 (3): 1-22. Web.
Nieuwenhuizen, Cecile. 2019. The Effect of Regulations and Legislation on Small, Micro and Medium Enterprises in South Africa. Development Southern Africa 36 (5): 666-677. Web.
Pembrick, Peter. 2022. Mid Market Focus. Taxation in Australia 56 (9): 523-525.
Sadiq, Keriie, and Richard Krever. 2021. Does tax policy fit in the portfolio of COVID-19 responses? Pacific Accounting Review 33 (2): 212-220. Web.
Sledgers, Peter, and Daniel Marateo. 2019. Small Business Restructure Roll-Over: Planning Issues. Taxation in Australia 53 (8): 424-431.
Do you need this or any other assignment done for you from scratch?
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