New figures give visibility to tax compliance issues within small business sector and indicate where ATO expects resources to be focussed now and in the future. Read our 4 tips to make your business ATO-proof.
$20k accelerated deductions for small business extended another year The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019. From 1 July 2019, the immediate deduction threshold will reduce back to $1,000. There are no limits to…
Legislation restricting access to the small business company tax rate reduction entered Parliament in October. The changes specifically preclude companies with passive investments such as rental property income from qualifying for the small business entity tax rate of 27.5%. For the 2017 income year a company could access the reduced company tax rate if it was…