Small Business Capital Gains Tax (CGT) Concession

  Claiming Capital Gains Tax (CGT) Small Business Concession if  Company’s only activity is renting out an investment property.   Income tax: can a company that carries on a business in a general sense as described in Taxation Ruling TR 2019/1 Income tax: when does a company carry on a business? but whose only activity […]

March 2021 BAS

March 2021 BAS   ATTENTION – Business Owners registered for GST including Taxi Drivers, Individuals part of Ride sharing platform such as Uber, Ola and DIDI.   Business Activity Statement (BAS) for the period January 2021 to March 2021 is due for lodgement by 28th April 2021. This is also the due date for payment […]

Loss carry back

  Loss carry back   On 6 October 2020 as part of the 2020–21 Budget, the government announced that it will target support to businesses and encourage new investment through a loss carry back regime.   Eligible corporate entities that previously paid corporate income taxes in a relevant year and have subsequently made taxable losses can […]

Before you become a director

  Before you become a director in a company   If you are about to become a director of a company, check for any unpaid or unreported PAYG withholding, goods and services tax (GST) or Superannuation Guarantee Charge (SGC) liabilities.   If you become a director and the company has outstanding PAYG withholding, net GST […]

Business Support Fund – Tax Consequences

  Business Support Fund – Tax Consequences   A government payment to assist a business to continue operating is included in assessable income. This will include assistance provided as a one-off lump sum or a series of payments. For businesses operating on:   an accruals accounting method – the income will be derived when the […]

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