Regulation Impact Statement – The Treasury
As part of the 2015-16 Budget, the Treasurer announced a tax discount for small unincorporated businesses. The measure grants an annual 5 per cent tax discount to individual taxpayers with business income generated from an unincorporated small business with turnover of less than $2 million. The discount applied from 1 July 2015, will be capped at $1,000 per individual for an income year, and is only applicable to income generated from the small business. The tax discount is intended to improve small business cash flows, assist them to grow and more effectively compete with larger businesses. A Regulation Impact Statement (RIS) was prepared and certified by the Treasury under the Australian Government’s best practice regulation requirements, and has been assessed as compliant and consistent with best practice by the Office of Best Practice Regulation (OBPR). The RIS estimates that the measure will increase regulatory costs on small businesses by $15.6 million a year due to system changes for taxpayers and their tax agents. The OBPR has agreed to this estimate of regulatory costs.
- Unincorporated small business tax discount – RIS [
47KB] - Unincorporated small business tax discount – RIS [
158KB] - Unincorporated small business tax discount – OBPR Assessment Advice [ 151KB]
- Unincorporated small business tax discount – OBPR Assessment Advice [ 57KB]
- Unincorporated small business tax discount – Deputy Secretary Certification Letter [ 130KB]
- Unincorporated small business tax discount – Deputy Secretary Certification Letter [ 108KB]