21 February, 2019
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 ]The legislation Treasury Laws Amendment (Tax Integrity and Other Measures) Bill 2018 has just recently passed both houses in Canberra, which among other measures also makes changes to the long-established small business CGT concessions. The legislation’s explanatory memorandum (scroll down to page 13 of this PDF of the EM) spells out the incumbent basic
[ Read More ]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 ]The ATO has made a change to the FBT rules, set to take affect for the 2019 FBT year and beyond, that will give businesses that supply employees with motor vehicles (that are not cars) a prescriptive method to apply to get an exemption to FBT. It is a change from the objective test
[ Read More ]Most small business owners stay on top of their GST refunds, mainly because of the cash flow concerns that very much seem to dog many small businesses. However you may now and then have a business client that lets these things slip, and what they may not know is that they have four years
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