Published on 13 Mar 09
by NATIONAL DIVISION, THE TAX INSTITUTE
The new and improved small business concessions continue to provide practitioners with incredible opportunities to save tax for clients but their application is far from straightforward. This paper helps you chart a course through specific pitfalls of the concessions as well as examining some of the new opportunities that continue to emerge. Topics covered include:
the small business entity rules – upsides and downsides
the benefits of carrying on a business
new definitions of “affiliate” and “connected with”
how spouses can be useful
issues with selling shares or units
issues with the active asset test
interest-free loans from the Government using the rollover concession
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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