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Small business restructure roll-over: in need of its own restructure?
Published on 01 Apr 22 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE
In Australia, consecutive Federal governments have acknowledged the contribution of small businesses to the economy, and they have introduced tax concessions to try to assist them. A recent concession that aims to reduce the regulatory compliance encountered by small businesses is the Small Business Restructure Roll-over (‘SBRR’) relief. The SBRR was touted as providing greater flexibility to small business owners seeking to restructure their business in order to enhance the efficiency of their activities. This article critiques the effectiveness of the SBRR by analysing submissions lodged to the Board of Taxation’s Review of small business tax concessions, as well as the findings of a small pilot study with professional advisors. The article seeks to ascertain the level of consistency between the government’s stated policy objectives and the perceived application of the SBRR. Generally, advisors perceive the application of SBRR as complex and limited in scope, particularly restricting small businesses’ ability to adopt
an appropriate structure, which is made more problematic due to the Australian Taxation Office’s ruling. Through the observations made, recommendations are proposed in an endeavour to realise the government’s policy objectives.
Author profiles
Barbara Trad
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
John Minas
John is a Senior Lecturer, Curtin Law School, Curtin University and an Adjunct Research Fellow, Griffith Law Futures Centre. - Current at 13 January 2022
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