small business

Amendments to FBT definition of “taxi” imminent

Treasury has just released some miscellaneous amendments that include a redefinition of the word “taxi” in regard to certain tax arrangements. An exposure draft addresses the ongoing problem for taxpayers around the definition of taxi for FBT purposes (see the second link on this Treasury webpage, “Miscellaneous Amendments Bill Explanatory Memorandum”, and scroll to page

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When changing your practice structure, don’t forget the regulator

The Tax Practitioners Board (TPB) has issued information for tax agents that change practice structures. In most cases, the TPB will require notification of these changes within 30 days. Note however that there may also be a need to apply for registration for the new business structure, which includes getting a new registration number to operate

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Low-cost assets and the threshold rule for your small business clients

The threshold rule allows a business to claim an immediate deduction for most business expenditure of $100 or less to buy tangible assets. The rule is meant to help your small business clients save time because they don’t need to decide whether each purchase is of a revenue nature (immediately deductible) or of a capital

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GST obligations to be included under the director penalty regime

The strengthening of the director penalty regime has been reported here before — for instance, having director penalty notices (DPNs) extended to superannuation guarantee obligations from 1 March 2019. Now it looks like DPNs for GST are set to take affect from 1 October 2019 on the back of recent legislation, Treasury Laws Amendment (Combating

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Taken goods for private use? Here’s the latest values

The ATO knows that many business owners naturally help themselves to their trading stock and use it for their own purposes. This common practice can occur in businesses such as butchers, bakers, corner stores, cafes, wine shops and more. The ATO regularly issues guidance for business owners on the value it expects will be allocated

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Your small business clients can use simpler trading stock rules

Your small business clients can use simpler trading stock rules. If your client operates a small business entity and at the end of the income year estimates that their trading stock’s value has not changed by more than $5,000, it may pay to remind them (especially if they are new to business) that they can

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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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Director penalty change strengthens SG rules

Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company (see the relevant section of the law here). But there are also some tax obligations for PAYG withholding and superannuation guarantee charge payments, which are outlined under the

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