The Tax Institute says a new inquiry into improving the tax system for small businesses must look at streamlining eligibility rules for key tax breaks like capital gains tax concessions.
Advocates for Australian-made products have slammed the nation’s treasurers for political cowardice after they deferred a decision on reducing the $1,000 GST low value exemption for overseas online purchases.
Treasury has said it will not yet be publically releasing whether it will make changes to the current ESS rules.
Not paying ATO debts is a dangerous game. The reason being, the ATO have powers far greater than other business creditors.
Australia-wide, the ATO is now on the hunt for $17.7bn in unrecovered debt – and some 60 per cent ($10.6 billion) is owed by small businesses.
A professional body of accountants has slammed the current tax arrangements of employee share schemes (ESS), saying the regulations are building an anti-competitive environment for entrepreneurs.
The common question we’re asked by many clients is, “how much of client Christmas entertainment can I claim as an income tax deduction?”
Now that the gruelling 2013 election campaign is behind us, our attention can turn to the issues of growing debt to gross domestic product and the dwindling tax revenue in Australia.
As Tony Abbott and the coalition took a convincing election victory at the weekend, business now looks to the weeks ahead and what changes are likely to be made.
Regardless of which party wins at the next federal election, there’s a few priorities front and centre for small business owners.
