Consumer Price Index – September Quarter 2000October 25, 2000
Australian Competition and Consumer Commission AppointmentsNovember 2, 2000
Simplified Tax System Release of Exposure Draft Legislation
Today the Government is releasing an exposure draft of legislation for the Simplified
Tax System for small business, which starts on 1 July 2001.
This legislation implements the Governments commitment to assist small business
by simplifying rules for determining income and deductions and reducing compliance costs
through less complex rules for stocktakes. Small business will also benefit from being
able to immediately write off purchases costing less than $1000 and the pooling and
accelerated depreciation of other depreciable assets (except buildings).
Since the Government announced the Simplified Tax System, it has been consulting with
small business representatives. In light of small business input, the Government has
decided to make the following changes to the operation of the Simplified Tax System:
The release of exposure draft legislation provides the opportunity for comment and
again demonstrates the Governments commitment to consult on the implementation of
its business tax reforms.
The exposure draft legislation, the explanatory statement and additional information
can be obtained from the Treasury website (www.treasury.gov.au/businesstax).
To facilitate introduction of the legislation into Parliament, written comments should be
made by 17 November 2000. These comments should be sent to:
Law Design & Development (Simplified Tax System)
Australian Taxation Office
PO Box 900
CIVIC SQUARE ACT 2608
Small businesses and their advisers who would like more information on the Simplified
Tax System can call the Treasury Tax Reform Help Line on 13 63 20 or visit the Treasury
26 October 2000
Contacts: Geoff Miller (ATO)
(02) 6216 1483
Mark OConnor (ATO)
(02) 6216 1393
Gerry Antioch (Treasury)
(02) 6263 4477