December/ January 2015/2016 Newsletter

December 2015/January 2016

  • Tax negotiation limited to known debt amounts
  • CGT roll-over for small business restructures on the way
  • ATO starts issuing "certainty" letters
  • Government rejects SMSF borrowing ban recommendation
  • Car expenses and FBT concessions on entertainment

Newsletter September 2015

Small business tax discount on the way In a surprise – but welcome – move in the 2015 Federal Budget, the Government announced a small business tax discount. The Government said that, with effect from 1 July 2015, individual taxpayers with business income from an unincorporated business that has an aggregated annual turnover of less than $2 million will be eligible for a small business tax discount. The discount will be 5% of the income tax payable on the business income received from an unincorporated small business entity.