Easing the Burden: Treasury Seeks Ways to Simplify Tax Compliance 

The Federal Treasury has tasked the Board of Taxation with reviewing opportunities to cut unnecessary red tape in the tax system. The goal is to ease compliance pressures on businesses and boost productivity by identifying significant and measurable reforms that reduce regulatory burden. 

 Find the full details of the Treasury's request here. 

 Master Electricians Australia has been pushing for a fairer tax system that better supports small businesses to remain profitable, compliant, and operational. 

We've called on the ATO to rethink its one-size-fits-all approach to tax debt collection, particularly important for the construction industry which continues to record the highest rate of liquidations of any sector. 

Instead of the blanket rule requiring disclosure of tax debts over $100,000 after 90 days, we've recommended an industry-specific framework. Under this approach, SMEs would demonstrate that they are owed substantial monies relative to the debt, giving them more time before disclosure depending on the financial pressures of their sector. This tailored model would provide much-needed breathing space for businesses in industries like construction, while still ensuring accountability across the tax system. 

You can read more about our advocacy for fairer tax compliance support for small businesses, along with other tax policy reforms, here.