Published on 15 Mar 05
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
The Simplified Tax System (STS) has been in operation since 1st July 2001. Although an apparently simple system, certain details can 'catch out' the unwary. The grouping provisions are but one example of the complexities involved. Practitioners need to be familiar with the existing provisions so as to be ready to advise their clients on the forthcoming amendments.
Topics covered in this presentation include:
- review of the current features
- the elements - cash accounting, trading stock and depreciation
- the eligibility rules
- tips and traps of using STS
- proposed amendments (Taxation Laws Amendment Bill No 7 2004).