Legislation restricting access to the small business company tax rate reduction entered Parliament yesterday. Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 limits access to the 27.5% company tax rate by replacing the ‘carrying on a business test’ with a ‘passive income test’. Under the new rules, to access the reduced company tax rate, 80% or less of the entity’s assessable income must be passive in nature.
Retrospective changes to the company tax rate rules, TBAR: SMSF event based reporting now live, and clarity on rental property travel and depreciation deductions. Join the Knowledge Shop team for all this and more.
An analysis of Knowledge Shop’s help desk has revealed that just over 56% of accountants asking trust related questions are unclear about how trust law applies in practice. Knowledge Shop answered 7,904 trust related questions on the help desk over a 12 month period.
SMSF event based reporting consultation paper released, clarifying the small business tax offset for trusts and partnerships, and the case of the cleaning company, sequestered carbon and Part IVA. Join the Knowledge Shop team for all this and more.
This month's top tax & accounting Q&As live from the Knowledge Shop Help Desk: 7 or 25 years? Division 7A loan terms CGT implications on inherited property GST on sale of part of a business Australian resident owning rental property in New Zealand Can a payment in lieu of notice be treated in the same way as a redundancy payment?
The ATO modernises its position on tax and travel and the implications of the expansion of the foreign resident withholding rules A number of pieces of tax legislation have either been introduced into Parliament or have become law, including changes to the foreign resident withholding rules that were announced in the 2017-18 Federal Budget.
The practical issues arising from the SBE threshold changes and the corporate tax rate changes. Parliament has finally passed the Bill containing the increase in the SBE turnover threshold. While it all seems straight forward, there are a few details for practitioners to get across.
Download the Knowledge Shop 2017-18 Budget Update for advisers and accountants. The problems that any Australian Government is expected to resolve and the wish list they are supposed to fulfil, is extensive regardless of which party is in power. As author John Lydgate wrote: