Small Business Tax Concessions – Basics
In addition to the capital gains tax (“CGT“) exemptions and rollovers available more widely, there are four concessions that allow you to disregard or defer some or all of a capital gain from an active asset used in a small business: 15-year exemption – If your business has continuously owned an active asset for 15 years […]
Managing carried forward losses
You operate a company Your accountant set you up in a company and in recent years things have been pretty tough business wise so much so that the company has incurred significant losses. Your business partner who feels the business cannot afford 2 owners and who owns the other 50%, has asked you to buy them […]
Super Amnesty
Like never before, now is the time for employers to check that their minimum superannuation guarantee payments are in order or risk significant penalties. Superannuation guarantee amnesty On 24 May this year, the Federal Government announced a twelve month amnesty for employers to pay any unpaid employee superannuation entitlements for all quarters up to March […]
Family Trust Elections and Risks for Small Practitioners (FTE)
Family Trust Elections (“FTE”) is a dreaded word for many small firms. The recent emphasis on the election has put many small firms into a conflicted position as to whether an election is necessary and what will be the consequence of this election for an existing family trust. Simplistically, the limitations are that if there […]