small business

Is your client eligible for the small business income tax offset?

The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax a business pays by up to $1,000 each year. The offset is worked out on the proportion of tax payable on business income. To be eligible, a taxpayer must be carrying on a small business as

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JobKeeper, Cash Flow Boost denials revisited, reconsidered

Neville Birthisel In the wake of the taxpayer’s victory in the Full Federal Court JobKeeper case Commissioner of Taxation v Apted [2021] FCAFC 45, the ATO has issued a Decision Impact Statement and a Law Administration Practice Statement.  These set out its revised policy towards allowing a “later time” to hold and ABN (JobKeeper Rules s11(6)) or

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5 tax tips for navigating the small business CGT concessions

By Simon Dorevitch 1 AFFILIATESRemember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Whether a person is an “affiliate” is relevant in numerous small business CGT concession contexts, including when applying the maximum net asset value, small business and active asset tests. Therefore, it is important to remember that the definition

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Financial complaints ombudsman breaks down its COVID-19 flash points

The Australian Financial Complaints Authority (AFCA) has compiled its COVID-19 complaint data from 3 March 2020 to 28 February 2021, which has revealed some trends. Among COVID-associated complaints, travel insurance was the most complained about product type, with 3,516 complaints across a year of the pandemic, though the rate fell sharply as travel reduced.  

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Make sure clients update their ABN: It can be vital

Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount of ABN data

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The hazards of mixing business and private assets and money

One of the common mistakes that business coaches see start ups make is where newly-minted entrepreneurs fail to clearly distinguish between the business’s money and assets and their own private assets. But the fact is that doing so can lead budding business moguls into perhaps unintended negative tax consequences, and is a trap prevalent enough

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Payment times scheme bills passed

A study undertaken last year highlighted a reality that the small business sector has been grappling with for years — that long and late payment times (more than 30 days) to small businesses adversely affects not only on these businesses but also more broadly across the economy, with a ripple effect meaning businesses that are

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Do you really know who owns that asset? You may need the PPSR

There is a simple step that many of your business clients can take to better manage the risk that can attach to certain assets. The Personal Property Security Register (PPSR) is a national register that can help manage certain risks for anyone who answers “yes” to any of the following scenarios. Are you in business,

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Corporate veil just got a lot thinner

The Treasury Laws Amendment (Combating Illegal Phoenixing) Bill 2019 received assent on 17 February 2020. The legislation includes a range of measures targeting illegal phoenixing including penalties for directors related to GST liabilities (making directors personally liable for unpaid GST if the unpaid liability is not paid within 21 days of a director penalty notice

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