A survey conducted by accounting firm Pitcher Partners has found that the majority of Australian small and medium businesses would like to see a more simplified tax system.
The survey of 900 companies has found that 78 percent of respondents would be in favour of a two-tier tax system which would exclude SMEs from complex tax rules surrounding tax consolidation and taxation of financial arrangements.
Treasury Secretary Ken Henry is currently reviewing Australia’s tax system, focusing on changes to the corporate tax system, including an “entity flow-through” tax system for small business, reducing complexity.
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