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.
The federal government’s review into the taxation of trusts is the most significant attempt at trust tax reform in the last decade, according to the Institute of Chartered Accountants in Australia.
Ongoing uncertainty over the tax treatment of trusts has emerged as the top election issue for Australia’s taxation professionals.
Changes to Trusts by the Australian Taxation Office will begin to impact small business this year, with business owners urged to complete a new Taxation Plan to avoid trouble.
The Federal Government & the Australian Taxation Office (ATO) continued to alienate themselves from the business sector last week with the Tax Office releasing its final ruling on discretionary trusts distributing surplus income to corporate beneficiaries.
Hospitals, schools and charities are all under threat by the Henry Tax Review’s proposed changes to Fringe Benefits Tax concessions according toaccounting firm BDO.
Small business owners are at risk of having to pay thousands of dollars in retrospective taxes as a result of the ATO’s recent draft ruling regarding trust income and gains that are allocated to, but not paid to, private company beneficiaries of the trust.
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