Small business concessions
Unlocking Tax Concessions for Small Business Owners ATO’s Reminder The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. This depends on their business structure, their industry and their aggregated annual turnover. For example, small business owners who have an aggregated […]
2020/21 Federal Budget Summary
Omnis Group Federal Budget Summary 2020/21 Key points Changes to personal income tax rates Expanding access to Small Business Tax Concessions JobMaker Hiring Credit Uncapped immediate write-off for depreciable assets Temporary loss carry back for eligible companies Reducing the compliance burden of FBT recordkeeping 1. Personal income tax changes 1.1 Changes to personal income tax […]
Small businesses expanded tax concessions
What’s new for Australian business? The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below: The pending increase in the small business instant depreciating asset write-off to less than $25,000 (as discussed in further detail above). Accelerated depreciation deductions for primary producers for eligible fodder storage […]
Big changes proposed to eligibility for the CGT SBCs
Treasurer has released draft legislation containing new “integrity improvements” to CGT small business concessions (SBCs) Includes the 15-year exemption, the retirement exemption, the 50% active asset reduction and the small business roll-over. Due to the government’s “continued support for genuine small business taxpayers”, it proposes making amendments so that the CGT SBCs can only be accessed […]
