SMALL BUSINESS – TAXATION – AUSTRALIA

Big pressure to scrap small firms tax cut

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Original article by Phillip Coorey
The Australian Financial Review – Page: 5 : 24-Mar-15

The Council of Small Business Australia has urged the Federal Government to abandon a proposed 1.5 per cent tax cut for small businesses. CEO Peter Strong argues that the tax cut that has been proposed for the May 2016 Budget will do little to improve business confidence. The council instead favours the introduction of an accelerated depreciation rate of 150 per cent for the sector, a move which is also supported by several government MPs

CORPORATES
COUNCIL OF SMALL BUSINESS ORGANISATIONS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF INDUSTRY AND SCIENCE, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF FOREIGN AFFAIRS AND TRADE

Rethink call for two-tier tax

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Original article by Phillip Coorey
The Australian Financial Review – Page: 7 : 11-Feb-15

Employers’ groups have expressed concern about a proposal to reduce the corporate tax rate for small businesses while retaining the existing rate that applies to large companies. Australian Chamber of Commerce & Industry CEO Kate Carnell says businesses will face more red tape if the Federal Government implements a "two-tiered" corporate tax system. She has urged the Government to consult the business sector on the issue

CORPORATES
AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY, BUSINESS COUNCIL OF AUSTRALIA, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT

ATO urged to stop valuations

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Original article by Nassim Khadem
The Australian Financial Review – Page: 9 : 20-Jan-15

A review of the Australian Taxation Office’s administration of valuation matters was issued by Assistant Treasurer Josh Frydenberg on 19 January 2015. The review, by Inspector-General of Taxation Ali Noroozi, proposed that valuation only be required "where it has the highest net benefit". Noroozi states that the valuation process has been innately subjective. One of the review’s nine recommendations is that businesses smaller than a certain size be exempt from undertaking valuations

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, BDO AUSTRALIA LIMITED, KPMG AUSTRALIA PTY LTD, CORPORATE TAX ASSOCIATION, AUSTRALIA. OFFICE OF THE INSPECTOR-GENERAL OF TAXATION

Have yourself a tax deductible Christmas party

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Original article by John Corias
BRW – Page: Online : 12-Nov-14

Small business owners are advised to minimise their entertainment expenses by using all available tax deductions. This matter is particularly important when budgeting for work Christmas parties. Under the minor benefit rule, an expense of no more than $A300 is not subject to the fringe benefit tax. Businesses can also ask employees to make personal contributions toward party expenses

CORPORATES