The Government launched the Office of Tax Simplification (OTS) in July 2010 to provide independent advice on simplifying the tax system.
The OTS has been working on three reviews and today has published its final recommendations on its small business tax review. The OTS will be presenting its interim reports on pensioner taxation and employee share schemes next week.
On 9 May 2011, the Government asked the OTS to carry out a review of tax administration for small businesses as part of the next stage of the OTS’s small business tax review. The OTS was asked to identify areas of the tax system that cause the most day-to-day complexity for small businesses, recommend priority areas for simplification and consider the impact of these recommendations on different business sectors.
The Government will respond to the OTS recommendations at the Budget, on 21 March 2012. Copies of the final report on small business have been deposited in the Libraries of both Houses.