Small business depreciation rules: draft legislation released
On 13 September 2011, the Government released for comment exposure draft legislation which proposes to make various tax law amendments concerning the small business depreciation rules. The amendments are proposed to apply to small business entities as defined in s 328-110 of the ITAA 1997 that have an aggregated turnover of less than $2m for ...more
Small businesses: ATO assistance and compliance matters
In a recent speech, the Commissioner said the ATO is committed to working with small businesses by providing assistance and conducting compliance activities to ensure a level playing field. ATO assistance The Commissioner said the ATO is strengthening its online services, guidance and tools to assist small businesses in improving their efficiency. He said later ...more
ATO to send letters to 110,000 cash economy participants
The ATO says that, this financial year, it will send around 110,000 letters to taxpayers who it believes may be participating in the cash economy. The majority of letters will be sent to businesses reporting outside the small business benchmarks for their industry. The ATO will write to tax agents of business taxpayers identified to ...more
ATO Compliance Focus for 2010-11: Micro businesses (turnover under $2m)
The cash economy continues to be a major ATO focus here and it plans to review and audit more than 26,000 micro businesses. Concerns include the use of cash transactions to hide income and evade tax obligations. This includes businesses: paying cash-in-hand wages or treating employees as contractors; skimming some or all of the cash ...more
ATO concerned about mistakes made regarding maximum net asset value test
The small business CGT exemptions can reduce or eliminate a capital gain made on a CGT asset that has been used in a business. The 4 exemptions or concessions available are the 15-year exemption, the 50% reduction, the retirement exemption, and the roll-over concession. One of the 2 basic conditions that must be met for ...more
New measures to assist small businesses
The Tax Office has introduced new measures to help small businesses that are struggling to manage their tax payment obligations in the current economic climate. Twelve-month general interest charge (GIC) free payment arrangements This measure is available to businesses with an annual turnover of less than $2 million who have an activity statement debt. Eligible ...more
Small & medium-sized entities: IASB releases International Financial Reporting Standard
The International Accounting Standards Board (IASB) has today [Thur 9.7.2009] issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized
Watch That Cash Flow
Source: The Australian, June 26 2009
Small-business owners watching their income steadily shrink this year are likely worrying that they could end up paying too much tax when the quarterly pay-as-you-go instalments become due next month.
Tax Office helps small businesses re tax debts
The Tax Office has announced new measures to help businesses with an annual turnover of less than $2 million that are struggling to manage their tax debts in the current economic climate.
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