SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
Small businesses with an annual turnover of less than $2 million may be able to access a range of tax concessions. This applies whether you operate your business as a sole trader, partnership, company or trust.
To qualify, you’ll need to check whether your business is a ‘small business entity’ for the year in question. In general, to meet this requirement:
Your aggregated turnover is less than $2 million. Aggregated turnover is the sum of your gross income or proceeds (rather than your net profit) for an income year. It includes the annual turnover of any entity you are connected with or that is an affiliate of yours at any time during that income year. It doesn’t include any goods and services tax (GST) amounts you have charged on your sales.
If you are not a small business in an income year, you may still be eligible for the CGT concessions (if you have net assets of $6 million or less), and the FBT car parking exemption (if your total ordinary income plus statutory income is less than $10 million).