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Tax concessions for small business

The small business sector has been described as the engine room of the economy as well as the biggest employer in the country.

Tasmania has nearly 40,000 businesses across a range of sectors, across the state, and over 95 per cent of these are small businesses. (Department of State Growth)

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Selling your business and the GST “going concern” exemption

The concept of the “going concern” exemption for GST purposes can still cause confusion when businesses are sold, despite the fact this exemption has been in place for many years.

A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such.

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Why you need to disclose a business industry code for your tax return

The Tax Office has re-released its business industry code (BIC) tool to help small businesses speed up their tax return lodgement.

The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes.

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Valuing stock for private use

Have you taken stock for private use? That’s ok! Here’s the values to use for 2014-15.

The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in certain industries.

The following table should be used to work out these values for the 2014-15 income year.

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What is a Tax Office public ruling and how can it help?

The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws.

Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by others and may have already been addressed.

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The Tax Office may soon audit businesses at random

Companies could be in line for random audits as soon as next year under advice being considered by the Tax Office.

The plan, proposed by Australia’s counterparts in the UK and US, is said to provide more credible estimates of revenue.

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FAQs – the $20,000 immediate write-off

In the recent Federal Budget the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000.  This has now been written into law and applies from the 2015 Budget night (7.30pm, May 12) to June 30, 2017.

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Yes, you can claim GST credits for employee reimbursements

If you are an employer registered for GST you may be entitled to claim credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.

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Tax Office small business benchmarks updated

The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios.

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Builders note: Change to your ‘taxable payments annual report’ lodgement

Employers in the building and construction industry need to be aware of a significant change in reporting requirements for your ‘taxable payments annual report’.

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