By David Olsen · 19 March 2010 · Locked
Small business owners are facing a potentially crippling financial blow as the ATO's draft ruling takes effect. Thousands of dollars in retrospective taxes could be owed, leaving many wondering if they'll be able to stay afloat.
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.
Tags: ATO, Australia, Business, Federal Government, Tax, Trusts