Ten Year Enterprise Tax Plan – Change of tax rates for small business entities
The Government’s Ten Year Enterprise Tax Plan includes a decrease to the current company tax rate as well as the discount applied to unincorporated small business entities (such as individuals and individuals trading through partnerships). Read more.
Small business entity turnover threshold to be increased to $10 million
As part of the Government’s Ten Year Enterprise Tax Plan, the small business entity turnover threshold will be increased from $2 million to $10 million from 1 July 2016. Read more.
Division 7A – Targeted amendments
The Government has indicated it will make targeted improvements to the operation and administration of Division 7A of the ITAA 1936. It is intended that these changes will provide clearer rules for taxpayers to assist easing their compliance burden while maintaining the overall integrity and policy intent of Division 7A. Read more.
TOFA rules to be simplified
The Government is proposing broad reforms to the Taxation of Financial Arrangements (TOFA) legislation to improve certainty and reduce compliance costs. The changes will apply to income years commencing on or after 1 January 2018. Read more.
Enhancing access to asset backed financing
The Government is seeking to align the treatment of asset backed financing arrangements to interest bearing loans and investments. Asset backed financing arrangements include hire purchase arrangements and deferred payment plans like finance and operating leases. Read more.
National Innovation and Science Agenda
The Budget added few new initiatives to the Government’s National Innovation and Science Agenda (NISA) which continues to focus on the start-up and small and medium enterprise communities. Read more.
Tax Consolidation changes
The Government has announced three new measures designed to modify, broaden and defer certain previously announced integrity measures within the tax consolidation regime. Read more.