Small and medium sized businesses do not want to see an increase in the goods and services tax in next week’s Federal Budget and many are pessimistic about whether the Abbott Government will deliver on its promises for the sector.
When the Commission of Audit report was released last week – replete with sweeping cuts to public spending – it became clear that this years’ budget would be taking no prisoners. We’ve been living beyond out means for too long, and the party is over.
The majority of small business owners face a vicious “double whammy” revenue hit if Tony Abbott proceeds with a mooted debt levy on income tax to repair the budget.
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?”
