New government bill introduced on company tax issue
The federal government has introduced a bill clarifying the tax rate for passive investment companies, after a period of consultation with the industry revealed a series of flaws with its initial approach. The passage of Treasury Laws Amendment (Enterprise Tax Plan Base Rate Entities) Bill 2017 will mean a company will not qualify for the […]
Draft legislation on lower corporate tax rate eligibility released
Treasury has released exposure draft legislation that will generally exclude passive investment companies from accessing the lower corporate tax rate from the 2016/17 income year. Currently, the corporate tax rate for qualifying small corporate tax entities has been reduced to 27.5% for small business entities with a turnover threshold of $10m in the 2016/17 income year. From the 2017/18 income year, access to this rate will be […]
Crowd-sourced equity funding for proprietary companies Bill introduced
Crowd-sourced equity funding is an innovative type of fundraising that allows a large number of individuals to make small financial investments in exchange for an equity stake in the company. Legislation to create a crowd-sourced equity funding regime for public companies will commence on 29 September 2017. Extending the crowd-sourced equity funding framework to proprietary companies will allow these companies to access an alternative form of finance with […]
The ATO has issued a statement on mental health issues for business owners
One in five people in the workplace experience some sort of mental health condition. Stress, depression or anxiety can take a toll on your ability to run your business as well as your overall quality of life. To mark World Mental Health Day on 10th October and National Mental Health week, the Australian Taxation Office […]
The 2017 SMSF return: are you up for the challenge?
This article is reprinted from Acuity Magazine. Under the new super rules, this year’s SMSF returns are going to be very complex and it’s important that practitioners are up to speed. In Brief There’s no such thing as simple super anymore. The changes are the most significant in a decade and all details must be […]