SME & family business

5 top updates for SME tax practitioners

Published: 14 Jul 2023


Australia’s small and medium businesses are the engine room of our economy – and the tax practitioners who work with them keep that engine running smoothly.

As an SME practitioner, it’s vital that you stay up-to-date on the latest changes in legislation, ATO guidance and practitioner interpretations, so you can give the best possible advice to clients. An up-to-date tax practitioner is a good tax practitioner.

At The Tax Summit this September, there’s a whole stream dedicated to insights that SME practitioner’s need in 2023. Over the three-day program, you’ll explore pressing topics from around the SME space. Here are five of our top picks you won’t want to miss.

1. The latest on Section 100A

Section 100A is perhaps the most-talked about issue in private markets tax for the last two years. The Full Federal Court handed down its decision from an appeal in Guardian AIT this year, a decision on the appeal in BBlood and revisions to TR 2022/4 and PCG 2022/2 are in the works.

With all this going on, any SME practitioner needs to be aware of all the changes and what they mean for clients.

See it:

Session 3.1: The latest on Section 100A – Part 1 with Frank Hinoporos, CTA, Hall & Wilcox and Session 4.1: Practical application and implications of Section 100A - Part 2 with Leanne Connor, CTA, WGC Business Advisors and Robyn Jacobson, CTA, The Tax Institute

Save the date:

Day 1 – 5 September, 10:30pm – 12:30pm

2. CGT Concessions

The small business CGT concessions are generous and can result in no tax being payable on company disposals of active assets, but how can shareholders access the proceeds?

Issues can arise when shareholders access the proceeds of non-taxable CGT events, either at the time of the event or on liquidation. Make sure you’re well-versed in this tricky area of tax so you can provide SME clients to best advice possible.

See it:

Session 5.1: Small business CGT concessions – Accessing the proceeds from a company with Karen Goodfellow, CTA, Practising Tax, Frederick Mahar, CTA, F M Mahar & Associates

Save the date:

Day 1 – 5 September, 1:30pm – 2:30pm

3. The growing trend of family offices

Do you work with high wealth clients looking to set their family up for years to come? High wealth family groups are increasingly looking to establish family offices to unite generations and preserve wealth. With no set playbook, the range of family offices is as diverse as the family groups that establish them.

As this becomes increasingly important to clients, it also needs to be a priority on your professional development radar.

See it:

Session 13.1: Structuring family offices: commercial and tax considerations with Shaun Cartoon, FTI, Arnold Bloch Leibler, Christine Fleer, Arnold Bloch Leibler

Save the date:

Day 2 – 6 September, 2:00pm – 3:00pm

4. Recent cases in payroll tax

It might not always be front of mind, but payroll tax has recently been thrust it into the limelight by recent cases. It’s not enough anymore to grudgingly accept payroll tax as a costly and annoying administrative burden – it’s time to be proactive about understanding recent developments and issues such as contractor exemptions, ongoing use of service entities, and grouping risks.

See it:

Session 10.1: Common payroll tax mistakes with Matthew McKee, FTI, Brown Wright Stein Lawyers

Save the date:

Day 2 – 6 September, 10:30am – 11:30am

5. Managing allocation of professional firm profits

This 30 June 2023 marks the end of the first income year in which PCG 2021/4 Allocation of professional firm profits – ATO compliance approach applies. With that in mind, it’s time for a refresher on the ATO guidelines.

Get across important aspects, including, documenting your self-assessment of your arrangements, dealing with legacy structures and the implications of restructuring to comply with the PCG.

See it:

Session 17.1: Professional firm allocation of profits – Are you prepared?

Save the date:

Day 3 – 7 September, 9:30am – 10:30am


Want to know dive into these updates, plus much, much more? Explore the full Tax Summit program and plan out an experience to supercharge your SME tax development this year.