Published on 01 Oct 07
by "THE TAX SPECIALIST" JOURNAL ARTICLE
From 1 July 2007 the Tax Laws Amendment (Small Business) Act 2007 introduced a uniform definition of a “small business entity “(SBE)”, based on a turnover test, that applies to standardise access across the tax legislation to those concessions most commonly accessed by small business. This article examines the operation of the new provisions, and the interaction of the new test with the pre-existing criteria for each of the concessions. It concludes that while the simplified test will assist SBEs that clearly fall within the new criteria, the retention of the former criteria as alternatives adds to the complexity of the system overall.
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