small business

  Business owner clients may need to be reminded that they should not get too creative if they’ve thought how handy it would be to absorb a business loss as a tax deduction — especially under certain circumstances as described below. The ATO has the discretion to disallow the deduction of a tax loss if,

• 5 June, 2018

  The CGT concessions for small business are important for qualifying businesses in that they can defer, reduce or remove liability to CGT. The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses, and it has just initiated the formal review

• 23 May, 2018

  A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur. Partnership

• 4 April, 2018

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The

• 21 March, 2018

The government announced last year that it intended to tighten the eligibility factors for the CGT concessions that are generally available to small businesses. The CGT concessions are important for qualifying businesses in that they can defer, reduce or remove liability to CGT. Specifically, the proposed amendments (which have been released in exposure draft form)

• 13 February, 2018