small business

The ATO’s snapshot of the small business sector

  The ATO defines small businesses as those entities with an annual turnover of less than $10 million. Its latest data collected on the sector has the following updated facts about this important market. There are around 4 million small businesses in Australia, they account for 99% of businesses in Australia, contribute $380 billion to the economy, employ approximately 5.6 million

[ Read More ]

Share and trust interest assets of certain businesses may lose CGT concessions

  Changes made to the CGT small business concessions through the measures contained in Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 represent a marked departure from the previous rules for determining if a capital gain from shares or trust interests qualified for the concessions. These changes generally accord with the aim of

[ Read More ]

Would your business satisfy the same business test?

  Companies carrying forward tax losses from a prior year must satisfy the ATO’s “continuity of ownership test” (COT) or, if unable to do so, the “same business test” (SBT) for losses to be deductible against assessable income of future years. The SBT provisions contained in Division 165 of ITAA97 are drafted narrowly and therefore

[ Read More ]