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The Simplified Tax System


Many of the 'concessions' enjoyed by small business operators will be removed from July 1 2001. This includes access to accelerated deprecation, balance charges, write-off of low cost assets and prepayments. These, and other benefits, are restored for taxpayers that for, and opt into, the Small Taxpayer System. This seminar paper provides a practical overview of the STS provisions and highlight the benefits and traps of the STS.

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Author Photo - Michael Hine CTA
Michael Hine CTA
Michael was admitted to the partnership of KPMG in July 1999 after 11 years in chartered accountancy. He has extensive knowledge of most major taxes including payroll tax, income tax and fringe benefits tax and consults regularly on the practical implications of the GST. Michael was the adviser to the Tasmanian Government’s GST Implementation Program. He was the State Chairman of The Tax Institute in 2001, was a member of the National Executive of the Institute and the Chairman of the Institute’s National Technical Committee. Michael has been a member of the Commissioner’s Division 7A reference group since its inception and was instrumental in lobbying for the changes that saw the introduction of s 109RB discretions. Current at 18 September 2013 Click here to expand/collapse more articles by Michael HINE.

This was presented at The Simplified Tax System &
Buying & Selling Business Interests:
A Practical Guide

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