When running a small business, tax is one of the major concerns and getting it right can help you effectively manage this obligation. But as Tax Office research shows, many small businesses are incorrectly applying certain eligibility tests for small business CGT concessions. These concessions often relate to the sale of a business and the culmination of a lifetime of work. The last thing a business owner would want is to get these claims wrong! We run through some common pitfalls to watch out for in this area.
The last federal budget combined several dependency tax offsets into one single consolidated tax offset, with eligibility and income requirements to be met, which we explain. We also look at accessing retirement savings from your SMSF, profile the rash of tax scams currently doing the rounds, and also look at the most recent developments to the standardisation of reporting processes for business, and how this could ease your business’s red tape burden.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)