small business

New ‘bright line’ test will deny some the corporate rate reduction

Last week, legislation was introduced that will exclude some businesses from the reduction of the company tax rate for small and medium corporations to 27.5%. The Enterprise Tax Plan will eventually deliver a rate of 25% by the 2026-27 income year, introduced progressively, but with an increase in the qualifying aggregated turnover threshold. This was

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Avoiding the more common BAS mistakes

The ATO knows that business taxpayers can make errors when lodging their business activity statement (BAS) and reporting their GST transactions, even with the best intentions of getting it right. Research the ATO has carried out in the past has indicated that more than 80% of GST errors are unintentional and can be made by

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Claims for electronic devices, phones

That technology has changed many aspects of our daily lives is a widely accepted fact of life, and no doubt more is just around the corner. Claims for electronic devices, phones The proliferation of electronic devices of all kinds has also pervaded our work and home environments to such an extent that the line dividing

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ATO shares it’s most frequent small business deduction queries

With the 2017 tax time continuing apace past its 12th week, the ATO has had an opportunity to identify some more-than-anecdotal trends that have emerged through its various channels of taxpayer engagement. Questions from small business taxpayers make up a significant proportion of the enquiries the ATO fields in its day-to-day business, and it has

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