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The Treasurer Mr Joe Hockey has released a 203-page tax discussion paper which includes the challenges the Australian tax system faces, the way it currently operates, potential opportunities for reform and some of the trade-offs that would need to be considered. One of the questions set our for discussion is:
- How effective is the current range of tax concessions (such as CGT and industry specific concessions) at supporting small business engagement with the tax system? To what extent do the benefits they provide outweigh the compliance, complexity and revenue costs they introduce?