The Federal Government has announced the terms of reference and appointments to the Business Tax Working Group that is charged with conducting an inquiry into how the tax system can best assist businesses respond to a changing economy.

 

The group will consider reforms that can increase productivity while delivering tax relief to struggling businesses and develop a set of savings options within business tax, such as broadening the base and addressing loopholes or unnecessary concessions.

 

The group will focus on the following reform options:

  • in the near term, by looking at changes to the tax treatment of business losses; and
  • in the longer term, by looking at options like reducing the corporate tax rate further or alternatives such as allowances for corporate equity.

 

 

The working group will also be required to identify options to fund any proposals from within the business tax system.

 

The membership of the Business Tax Working Group will be:

 

Chris Jordan (Chair)
Chairman
Board of Taxation

 

Jennifer Westacott
Chief Executive
Business Council of Australia

Jeff Lawrence
Secretary
Australian Council of Trade Unions

Rob McLeod
CEO
Ernst & Young

Teresa Dyson
 Chair, Taxation Committee, Business Law Section
Law Council of Australia

Peter Burn
Director of Public Policy
Australian Industry Group

Frank Drenth
 Executive Director
Corporate Tax Association of Australia

John Freebairn
Professor of Economics
University of Melbourne

Rob Heferen
Executive Director, Revenue Group
The Treasury

 

Further detail on the Working Group can be found here