This year’s federal budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million. The devil however is in the detail.
Disappointingly, the current $2 million turnover threshold will be retained for access to the highly valuable small business CGT concessions, while access to the small business discount for unincorporated businesses will be limited to a $5 million turnover threshold. This will undoubtedly create an administrative headache, but be assured that we are here to help you manage this.
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)