Small businesses are a critical part of the Australian economy, and over the years a number of tax reforms have been implemented to try to assist them. A potential reform mooted has been for the introduction of a dual income tax (DIT) system. Pitcher Partners (an Australian accounting firm) proposed such a DIT system should be introduced for closely held companies. It would appear that a DIT system could be beneficial, as it has been implemented in a number of Nordic countries. This article reports on a study of Australian industry and government experts’ opinions as to whether the touted benefits of a DIT are likely to be realised by Australian small businesses. Overall, while there could be some possible benefits, concerns were raised about required integrity provisions that could adversely drive up compliance costs, as well as the need for extensive education programs for both advisors and small business operators.