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  • Cost of taxation compliance

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    This chapter provides information on the time-based cost of taxation compliance data, as reported on the major tax forms used by businesses. This includes the income tax returns for individuals, companies, trusts and partnerships; BASs (quarterly only) and the fringe benefits tax return. Taxpayers may use the time-box label on these forms to record their estimate of the total time taken to complete the form in addition to the time required for the compilation of relevant information and record keeping.

    It is not compulsory for taxpayers to complete the time-box. As a result, the percentage of forms with this label completed is generally low, yet statistically viable.

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    Overview

    For the 2010-11 income year:

    • the average time taken to complete a business income tax return was 5.7 hours
    • the average time taken to complete a Business activity statement (BAS) was 2.0 hours
    • it took an average of 11.5 hours to complete a fringe benefits tax return

    the average cost of managing tax affairs claimed by an individual was $358.

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      Last modified: 03 Mar 2014QC 33846