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It’s about the journey, not the destination

Until 23 March we are encouraging you, as a taxpayer, to participate in BDO’s annual Tax Reform Survey. Your feedback will inform BDO’s submissions and commentary in any response to the tax reform process.

The survey will take approximately 5 minutes to complete.

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* 1. Based on the scale below, please rate your response to the following statements on tax reform:

  Strongly Agree Agree Neither agree nor disagree Disagree Strongly disagree Don’t know
Australian businesses are spending an increasing and unreasonable amount of time and resources on tax compliance
There are too many different forms of taxes being paid by Australian businesses
The complexity of the tax system is a significant barrier to operating an efficient business
The 50% CGT discount should be replaced with a 25% discount on capital gains and investment/savings income
The current CGT discount should be retained in its current form
The Government should create a new type of entity called a ‘small business company’ that allows asset protection, flexibility of distributions and/or retention of profits and only make available small business tax concessions to such entities and individuals
The current tax concessions for Small to Medium Enterprises are too complex and should be simplified even if it means some of the concessions are reduced
The Government should recommence the broad tax reform process but this time covering all taxes at both the Federal and State levels
State payroll taxes should be abolished or reduced as it discourages employment and is a disincentive to growing businesses
State stamp duties have a detrimental effect on the economy by discouraging the sale of real estate and business assets
The GST rate should be increased and broadened to enable the abolition of state stamp duties and reform other state taxes
To ensure tax reform is not beholden to the electoral cycle, the Government should establish a Tax Reform Commission as a statutory authority to provide tax reform advice to Federal and State Governments
The Government should investigate the effect of negative gearing restrictions in countries like the USA and the UK before deciding whether to introduce such restrictions in Australia
The FBT system should be abolished and replaced with fringe benefits for employees’ assessable income with simple rules that reduce the number of taxable benefits
The superannuation contributions caps are too low to enable retirees to retire on an adequate income stream without reliance on the Government pension
Compulsory superannuation contributions should continue to increase from 9.5% to 12% to ensure decreased reliance on the Government pension
Australia’s new Diverted Profits Tax (DPT) and Multinational Anti-Avoidance Law (MAAL) are working to stop multinational companies from setting up in low or no tax jurisdictions to avoid Australian tax
The Australian corporate tax rate needs to be reduced for Australia to remain competitive in attracting international capital given other countries are reducing their corporate tax rates
The dividend imputation system should not be changed as it provides an incentive for Australians to invest in Australian companies that pay Australian taxes
The dividend imputation system should be changed as it encourages Australian companies to pay profits as franked dividends instead of using their profits to reinvest or expand their business.
Tax incentives for Research & Development and Innovation should not be limited to companies that increase the intensity of their R&D spend
A 20% collaboration premium on the R&D offset will encourage Australian businesses to collaborate with public research institutions
The ATO’s new approach to corporate tax governance and tax risk management helps company directors to focus on the tax issues facing their companies

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* 2. Assuming that you are in control of a company and the corporate tax rate for your company has reduced to 25%, to what extent do you agree or disagree with the following choices on how you would use the tax savings:

  Agree Disagree
Employing more staff
Increasing wages of current staff
Paying more dividends to shareholders
Investing in more plant and equipment
Expanding the business into new markets

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* 3. Please tick the top three tax measures you consider to be in the most need of tax reform:

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* 4. If you have any further thoughts in relation to the reform of the tax regime, please use the space below to comment:

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* 5. What type of organisation is your business? (Please tick)

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* 6. In which industry does your business operate? (Please tick)

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* 7. Please indicate the State where you are located: (Please tick)

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* 8. Are you in?

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* 9. Broadly, what is your organisation’s annual turnover?

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* 10. How many employees do you have in Australia?

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* 11. Does your company operate overseas?

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* 12. If yes, in which region/s? (Select as many as relevant)

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* 13. Would you like to receive a copy of our tax reform survey findings when they become available?

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* 14. Would you like one of our tax experts to contact you in order to discuss any issues or questions regarding tax reform?

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* 15. Register for the Tax Reform Survey results:

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