Commentary from Greg Travers, Director of Tax Services & Head of the Network Tax Group.
Australian private businesses now have access to a tax reform resource centre with the launch of a platform by William Buck Chartered Accountants and Advisors.
Greg Travers said the dedicated platform launching on Tuesday 14 November, will house timely resources and information on tax reform, including amendments to Division 7a.
“The impetus for this resource centre is the significant changes to the anti-avoidance measure – Division 7A – which is again, set to shakeup taxation for private business,” Greg Travers says.
“As specialists to the middle market, we recognise that private businesses operate in an ever-changing and complex legislative environment,” says Travers.
“The resource centre will house up-to-the-minute updates; including proposed changes, expert commentary and most importantly the actions private businesses should be taking now,” says Travers.
Travers says this accessible resource centre will also allow private business to work closely with William Buck’s advisors in providing feedback during the consultation process.
“William Buck will be extensively involved in the Division 7a consultation process and will be working with numerous private groups and their advisers to assist with these changes.”
“Division 7a is essential, however, it is not currently meeting its policy objectives. This centre will provide private businesses with a forum for questions and feedback.”
“Some of the proposed changes are positive and will simplify the law, but some will create significant cash flow impacts for small businesses and won’t really improve the complexity or effectiveness of the law,” says Travers.
“It’s hoped that Treasury will take an open mind to the consultation process and work with businesses and their advisors to get a set of rules that both meets the Government’s policy requirements and doesn’t unnecessarily burden businesses.”
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