It is a well-known fact that small to medium businesses drive the majority of the Australian economy. The ATO has made certain income tax concessions available for small entities in particular, since at least 2002 with the introduction of the Simplified Tax System which then transitioned into the now known Small Business Concessions.
A collective sigh of relief could be heard across the country on 5 December 2016 when the Federal Government finally passed the Working Holiday Maker Reform Bill 2016.
In the last year, RSM Business Local has helped nearly 500 small businesses. Travis Bate speaks to Bryan (Frenchy) French on Rural Focus heard on RadioWest stations.
There has been a lot of negative conversation about negative gearing lately. But, if you are currently negative gearing your investment property, should you be concerned?
Negative gearing is when you claim more in deductions than you earn for an income producing asset that you have purchased using debt. It is not limited to property, you can for example negatively gear shares, but property is the dominant negatively geared asset claimed by Australians.
From 1 July 2015, ESS changes allow taxing points to be deferred and introduce a significant new concession for “start-up” companies.
The maximum period of tax deferral increases from 7 years to 15 years. The deferred taxing point for options (and for other rights, such as performance rights) effectively moves from vesting of the options to the exercise date of the options.
The end of the financial year is almost here again. We try to plan to reduce tax all year long, however 30 June presents us with some opportunities and it’s a critical deadline to make sure we minimise tax for the year.
There are some key opportunities to make sure you don’t miss out.
Consider two hypothetical residential aged care facilities. Save for the following distinctions, all other operational costs and revenues are the same.
Facility 1 is a not-for-profit that is heavily reliant on donations to supplement its income and takes in exclusively supported residents.
