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012-031 - Turnover $75,000 to $2m - Specific Taxation Issues

The Australian Taxation Laws contain specific provisions which relate to the turnover of the business taxpayer. This paper concentrates on turnover of between $75,000 to $2m. The comments on small business capital gains tax concessions are based on the "$5m Asset Value Test". It is assumed for the p ...Read more
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  • Description
  • Specifications

The Australian Taxation Laws contain specific provisions which relate to the turnover of the business taxpayer. This paper concentrates on turnover of between $75,000 to $2m. The comments on small business capital gains tax concessions are based on the "$5m Asset Value Test". It is assumed for the purpose of this paper that the majority of businesses with a turnover of $75,000 to $2m would be eligible for the Small Business CGT Discount Concession.

If your net assets exceed $5m, please ignore the comments relative to this item contained in the paper.

The paper is presented in fifteen pages, including comments on:

  1. Turnover Levels Determine Treatment
  2. BAS Prepared On An "Accruals" Basis
  3. Changes Affecting Businesses With Turnover Under $2m
  4. Simplified Trading Stock Rules
  5. Simpler Depreciation Rules
  6. Entrepreneurs Tax Offset
  7. R&D Tax Rebates For Small Companies
  8. Amended Assessments Deadline
  9. Prepayments
  10. Capital Gains Tax - Net Asset Test Does Not Apply
  11. Capital Gains Tax Concessions Available For Businesses With Turnovers Under $2m
  12. Choice To Account For GST On A "Cash" Basis
  13. Cash Basis Of Accounting Payment Rules
  14. Choice To Pay GST By Instalments
  15. Quarterly GST Reporting And GST Payment
  16. Annual GST Reporting And GST Quarterly Payment
  17. Annual GST Return And Payment Of GST By Instalments
  18. Primary Production Businesses/Special Professionals Who Report GST Quarterly
  19. Annual Apportionment Of GST Input Tax Credits
  20. PAYG Instalments Based On GDP Adjusted Notional Tax
  21. FBT Car Parking Exemption
  22. BAS Lodgement Periods
  23. BAS Prepared On An Accruals Basis
  24. "Accruals" Basis Of Accounting Receipt Rules
  25. "Accruals" Basis Of Accounting Payment Rules
  26. Quarterly BAS Lodgement & Payment Dates
  27. Monthly BAS Lodgement & Payment Dates
  28. Simplified GST Accounting Methods For Food Retailers And Some Other Retailers
  29. PAYG Voluntary Agreements
  30. PAYG Withholding - Payments To Businesses That Have Not Quoted An ABN
  31. Deferral Of Losses From Non-Commercial Activities
  32. Primary Producers With Low Income From Non-Primary Production Sources