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Government seeks feedback on new business tax package

The Government is now consulting on 16 new tax initiatives aimed at providing more certainty - reducing stress and making it easier for business owners to better manage their tax affairs. Included in the package is a new Accounting Income Method (AIM) option for paying Provisional Tax as businesses earn income. This will come into effect on 1 April 2018.

You can find a summary of the 16 initiatives, make a formal submission or take part in an online forum about the new provisional tax method, at the Making Tax Simpler website

Submissions are open until Monday 30 May 2016.