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Fact or fiction? A sustainable tax transparent form for closely held businesses in Australia

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Published on 01 Oct 09 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE

Currently a comprehensive review is being undertaken of the Australian tax system (the Henry Review). One of the potential reforms to be considered by the Henry Review is a proposal by the Institute of Chartered Accountants Australia and Deloitte for the introduction of a tax transparent company (the ICAA proposal). The ICAA proposal argues that tax transparency applying to closely held corporations and unit trusts will reduce their compliance burden and facilitate an enhanced tax system for micro-enterprises. If the claims made in the ICAA proposal are accurate, it could be contended that a tax transparent company provides a more sustainable tax system for closely held businesses in Australia.

Author profile

Dr Brett Freudenberg CTA
Brett is a Professor – Taxation at Griffith University. Brett is known for his research expertise in the tax law and policy issues facing private enterprises, as evidenced by his Fulbright Scholarship (2006) and over 80 refereed publications in leading Australian and international journals. In 2020, he was awarded the national ATTA-Hill medal in recognition of outstanding contribution to Australasian tax policy and tax teaching. Brett is passionate about education being a transformative process, and his effectiveness as a teacher has been recognised through five national awards (including the award of two Australian Learning and Teaching Council citations: 2008 & 2011). In 2019 Brett was successful in securing funding from the Federal Government to establish the Griffith Tax Clinic, which sees students under supervision providing free tax assistance to those in need in the community. Prior to commencing with Griffith University, Brett was a senior taxation consultant with KPMG and a solicitor with Corrs Chambers. - Current at 06 July 2022
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