The small business CGT concessions can save businesses some serious tax – and help business owners significantly boost their superannuation – but it’s essential that you keep the right records, particularly for when the time comes to sell. Find out what your business should be doing now to keep the ATO at bay in the future.
Being a smart taxpayer means knowing what resources are available to you and understanding how the ATO deals with individuals as tax problems arise. Here are three simple things all individuals can do to help keep their tax affairs as stress-free as possible this tax time.
Got a passive corporate entity that holds an investment property or perhaps plant and equipment? The ATO has confirmed it takes a broad approach to when a company carries on a “business”, which means some company taxpayers may be entitled to business tax concessions they hadn’t previously considered. Find out if your company is affected.