Taxation of Small Business

Overview

Small Business Entities (SBE’s) are currently confronted and challenged by a plethora of tax compliance obligations, onerous regulations and ongoing ATO review and audit activity. However, there are also a number of tax concessions under taxation framework that SBE’s are potentially able to avail themselves of. It is therefore imperative that SBE’s and their advisors are fully versed and remain constantly abreast of the scope and mechanics of the prevailing legislative framework governing these obligations and concessions.

Peter Adams covers the key compliance obligations for SBE’s as well as the salient requirements and outcomes underpinning the wide array of income tax, CGT and GST concessions potentially available for small business entities.

Topics Covered

In particular we will canvass the tax obligations, conditions for access, and tips and traps relevant to SBE concessions under the current taxation framework specifically pertaining to:

• Uniform capital; allowance system
• Trading stock
• Cash versus accruals tax accounting
• CGT
• GST
• PAYG Withholding
• FBT

Recommended For

This session will be of particular relevance to accountants and advisers advising taxpayers in regard to their compliance obligations and their entitlement to SBE concessions.