Running a business has its risks, especially as many fail in their early years of operation. The question as to which stakeholders associated with the business bear the loss is an important issue, which will largely depend on the business structure used. Accountants play a central role in the...

This article explores the notion of tax neutrality and its relationship to the taxation of business structures, especially for Australian small businesses. In particular, it analyses whether the introduction of a dual income tax (DIT) system, as advocated by Pitcher Partners could achieve this....

The arts sector can be plagued by characteristics that make its sustainability difficult, and it would appear that those in the arts sector consider that Australia's tax system has an important role to play in contributing to a sustainable arts sector. For example, within the 2020 Summit, at...

The arts sector can be plagued by characteristics that make its sustainability difficult. In Australia’s recent 2020 Summit, a number of tax reform ideas mooted to assist the arts appeared to be influenced by overseas practice. This article considers a number of foreign practices to ascertain...

In 1992, New Zealand adopted 2 hybrid entities for taxation purposes, known as Qualifying Companies, and Loss Attribution Qualifying Companies. It was stated that these entities would provide members with limited liability, but would be taxed in a similar manner to partnerships. New Zealand's...

The possible repeal of the Loss Attributing Qualifying Company (LAQC) regime in New Zealand has been raised again. This most recent announcement was canvassed in the discussion document concerning the introduction of a new limited partnership with tax transparency to facilitate venture capital...

In 1998 when the government announced its proposal for a new tax system in its White Paper, Not a New Tax, A New Tax System (ANTS), it perceived there were a lot of inadequacies with the Australian tax system. The emphasis the government put on selling its reforms can be seen in the title of its...

Choosing an appropriate business form is important for those commencing business, as making the wrong choice may result in economic inefficiencies for both the business and the broader economy. Given the life-cycle of businesses and regressive nature of compliance costs for small enterprises, to...

Small businesses play a crucial role in the Australian economy in terms of income and employment. Reliance on small business however can be concerning, as many small businesses fail to survive for a period of more than five years. This has been associated with the difficulty that small...

Small businesses are seen as vital to the Australian economy. However one particular issue of concern is the stability of their cash flow which can be exacerbated by the unpredictability of the markets, management practices, availability of financing and taxes, such as the goods and services tax...