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- W78217192 abstract "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. While there are arguments that tax transparency does provide for an enhanced method for taxing business forms and their members, there are various concerns about the consequences of following this economic ideal. This article will evaluate the model outlined in the ICAA proposal, and consider whether complexity would be eased through the introduction of tax transparent company. This will be ascertained by considering empirical data about the compliance cost burden of foreign transparent company forms. This analysis will consider the following transparent companies: United States’ S Corporations and limited liability companies (LLC), the United Kingdom’s limited liability partnership (LLP) and New Zealand’s Loss Attribution Qualifying Company (LAQC). Through this analysis, a number of areas of concern will be raised in terms of eligibility requirements, the extent of aggregation and loss restriction rules. It will be argued that a sustainable tax system based on transparency for closely held businesses needs careful consideration to ensure that it is fact and not fiction." @default.
- W78217192 created "2016-06-24" @default.
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- W78217192 date "2009-09-01" @default.
- W78217192 modified "2023-09-26" @default.
- W78217192 title "Fact or Fiction? A Sustainable Tax Transparent Form for Closely Held Businesses in Australia" @default.
- W78217192 hasPublicationYear "2009" @default.
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