Small business CGT concessions: Goal posts moved on vacant land and active assets - Tax Accountants Richmond
Businesses wanting to claim CGT concessions for active assets may find hope in a recent Full Federal Court decision on a long-contested vacant land case.
Calling time out on your business? Some essentials you’ll need to know - Tax Accountants Parramatta
When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time.
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A run-down of the new loss carry back measure - Tax Accountants Osborne Park
The last Federal Budget carried with it a number of tax changes that were designed to assist the Australian economy recover from the impact of the COVID-19 pandemic.
JobKeeper extension’s alternative turnover tests - Tax Accountants Orange
The extension of the JobKeeper scheme is now based on current GST turnover, not projected turnover. The basic test compares year-on-year turnover. If there were events or circumstances outside the usual business settings that resulted in your relevant comparison period in 2019 (September or December 2019 quarter) not being appropriate, then an alternative test may apply.
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Rounding of GST where fractions of a cent result - Tax Accountants Oakleigh
The ATO has devised special rounding conventions where an amount of GST includes a fraction of a cent. Although it labels these conventions “rules”, there is no obligation for parties on either side of a transaction to follow them, as the ATO states: “You and your customer do not need to use the same rounding rules.”
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The investment option that can hide unexpected GST - Tax Accountants North Ryde
New residential property is a popular investment for many, and can be especially so for self-managed superannuation funds, however the ATO is concerned that not every investor in residential property is fully aware that it is an option that may bring with it unexpected GST obligations.
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