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Small Business Income Tax Concessions – Am I small enough?

shutterstock_180080384
shutterstock_180080384

It is a well-known fact that small to medium businesses drive the majority of the Australian economy. The ATO has made certain income tax concessions available for small entities in particular, since at least 2002 with the introduction of the Simplified Tax System which then transitioned into the now known Small Business Concessions. 

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Your Knowledge – August 2015

Small Business
Small Business

“Landlords, beware!”
Key issues for property investors

Are you relying on negative gearing?

There has been a lot of negative conversation about negative gearing lately. But, if you are currently negative gearing your investment property, should you be concerned?

Negative gearing is when you claim more in deductions than you earn for an income producing asset that you have purchased using debt. It is not limited to property, you can for example negatively gear shares, but property is the dominant negatively geared asset claimed by Australians.

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Employee Share Scheme (ESS) Changes

Group-of-workers-in-office-boardroom
Group-of-workers-in-office-boardroom

From 1 July 2015, ESS changes allow taxing points to be deferred and introduce a significant new concession for “start-up” companies.

The maximum period of tax deferral increases from 7 years to 15 years. The deferred taxing point for options (and for other rights, such as performance rights) effectively moves from vesting of the options to the exercise date of the options.

Ten things to do before the end of the financial year

Tax4
Tax4

The end of the financial year is almost here again. We try to plan to reduce tax all year long, however 30 June presents us with some opportunities and it’s a critical deadline to make sure we minimise tax for the year.

There are some key opportunities to make sure you don’t miss out.

How to measure the financial performance of an aged care provider

DNA-strand
DNA-strand

Consider two hypothetical residential aged care facilities. Save for the following distinctions, all other operational costs and revenues are the same.

Facility 1 is a not-for-profit that is heavily reliant on donations to supplement its income and takes in exclusively supported residents.