In a bid to stimulate economic growth and accordingly employment levels among small medium enterprises, there has been speculation that Treasurer Joe Hockey is looking to change the current tax structure for companies. He has hinted that there will be a two tiered tax system under which all businesses will pay a lower rate of tax on the first portion of profit and then move into the higher bracket.
Critics of this view are claiming that that this leaves the door open for businesses to rort the system by structuring their companies and their profits so as to leave them under the initial threshold.
The second proposed structure is to simply apply two rates; a lower rate for small businesses and the higher rate for larger companies. This seems to be the favoured approach purely out of the need for simplicity within the tax system.
This alteration to the corporate tax system could provide businesses that are struggling to meet their tax obligations with some relief.
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