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The Productivity Commission has released a draft report on barriers to business entries and exits and how to reduce such barriers.
The draft report contains a number of proposals to improve the environment for setting up and closing a business which include the following tax-related recommendations.
In relation to the small business CGT concessions, the draft report recommends that the current small business CGT concessions should be rationalised. It says that the Tax White Paper should consider the recommendations of the Henry Tax Review relating to small business CGT relief with a view to the effectiveness of implementation, avoidance of unintended consequences and ensuring consistency with broader tax policy.