A Question of Balance: The Tax Treatment of Small Business

28 June 1995

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View the report as separate downloadable parts:


Membership of the Committee	(PDF 20KB)

Terms of Reference	(PDF 16KB)

Appendices	(PDF 33KB)

Conduct of the Inquiry	(PDF 12KB)

Abbreviations	(PDF 16KB)

Recommendations	(PDF 61KB)

Introduction - The importance of small business	(PDF 42KB)
Definitions The Importance of Small Business The Beddall Committee Report This Report Legislation The Tax Treatment of Small Business

PART 1 - The taxes affecting small business
Chapter 1 - Provisional tax	(PDF 106KB)
Definition The Provisional Tax System Conclusion Timing of Provisional Tax Payments Under The Existing System Tax Office Proposal - PAYG The Winegrape Growing Industry

Chapter 2 - Provisional tax uplift factor	(PDF 124KB)
Rationale Efficacy of the PTUF Consequences of a High PTUF Alternatives to the Current PTUF Conclusion An Alternative - The Individual Uplift Factor Penalties

Chapter 3 - Wholesale sales tax	(PDF 117KB)
Introduction Streamlined Sales Tax Sales Tax Rates Sales Tax Payments Sales Tax Issues Taxpayers as Tax Collectors Timing of Sales Tax Payments Exemptions and Classifications Problems with Exemptions and Classifications Example of Ambiguity - Rice Milk Consequences of Technological Innovation Conclusion Small Business Exemptions The Wine Industry Wine Industry Inquiry The Wine Industry Position Conclusion

Chapter 4 - Fringe benefits tax	(PDF 70KB)
Introduction Government Review of the Costs of FBT FBT Issues Raised in Evidence Broadening the FBT Base Compliance Costs Complexity of FBT and Lack of Understanding Exemption Threshold Compulsory Benefits Car Parks Child Care

Chapter 5 - Company tax	(PDF 76KB)
Compliance Dates 'Small' Taxpayers 'Medium' Taxpayers Small 'Medium' Taxpayers Threshold to Quarterly Payments Company Tax Rate

Chapter 6 - CGT, PPS, PAYE, SG AND TSV	(PDF 76KB)
Capital Gains Tax (CGT) The Complexity of CGT Rollover Relief Goodwill Long Term Assets Section 47(1A) of the ITAA Prescribed Payments System PAYE Tax Superannuation Guarantee (SG) Trading Stock Valuation Effect on Working Capital The Wine Industry

PART 2 - The impact of small business
Chapter 7 - The timing of tax payments	(PDF 130KB)
Major Problems Provisional Tax PAYG Provisional Tax Uplift Factor Wholesale Sales Tax Company Tax Capital Gains Tax Prescribed Payments System Fringe Benefits Tax Other Matters Wine Industry Accruals vs Cash Basis of Accounting Cash Flow Management Carry Back of Losses and Carry Forward of Profits Statutory Warranties and Accrued Leave Income Averaging and Income Equalisation Deposit Scheme Training and Establishment Costs Imputation Credits

Chapter 8 - The burden of tax	(PDF 69KB)
Changes in Taxation Rates Wholesale Sales Tax Excise Company Tax Compliance Costs Wholesale Sales Tax Fringe Benefits Tax Notification of Changes Double Taxation Small Business Statistics Conclusion - The Burden of Tax

PART 3 - Minority report
Minority Report	(PDF 15KB)

Appendix 1 - List of organisations and individuals who made submissions	(PDF 35KB)

Appendix 2 - List of witnesses	(PDF 35KB)

Appendix 3 - Tax office discussion paper on PAYG	(PDF 50KB)

Appendix 4 - Lodgement arrangements for companies and superannuation funds	(PDF 39KB)

Appendix 5 - Government review of FBT compliance costs	(PDF 51KB)

For further information, contact:

Committee Secretary
Senate Standing Committees on Economics
PO Box 6100
Parliament House
Canberra ACT 2600
Australia

Phone: +61 2 6277 3540

Fax: +61 2 6277 5719

Email: economics.sen@aph.gov.au

Phone:	+61 2 6277 3540
Fax:	+61 2 6277 5719
Email:	economics.sen@aph.gov.au