News

Categories: All, Advice, JobKeeper, Legacy, Super, Tax,


A Not-so-small List of Small Business Concessions

Here is a list of small business tax concessions that may be available to you. Get in touch with Avance to find out which concessions you can tap into. Income tax Lower company tax rate – 27% for 2019-20 and 26% for 2020-21 Small business income tax offset – 8%…

Applying For a Government Contract

Businesses and their first-tier subcontractors tendering for Commonwealth Government contracts over $4 million (including GST) must supply a statement of tax record (STR) provided by the ATO. If you received one last year, you may need to apply for a new one. The STR must show satisfactory engagement with the…

Are You Changing Your Business Structure?

If you are changing your business structure (for example, from a sole trader to a company), you will need a new ABN. Other situations where you need to cancel your ABN and apply for a new ABN include are changing from: individual/sole trader to partnership or trust; individual/sole trader to…

Closing a Small Business

Unfortunately, some businesses may need to close their doors – either temporarily or permanently – due to the COVID-19 pandemic. The ATO has called on such businesses that are closing temporarily to “do their best to keep up with tax and superannuation obligations”. If you are in this situation and…

The Benefits of E-Invoicing

The ATO has been promoting the benefits of e-invoicing – by simplifying and automating the exchange and processing of invoices.  According to the ATO, the benefits for business include cost savings, fewer errors and reduced payment times. In addition:  a business will save time by not having to re-key or…

Calculating Aggregated Turnover

Whether a business is entitled to certain tax concessions – e.g. the simplified depreciation rules and the small business CGT concessions – depends on the business’s “aggregated turnover”. Aggregated turnover is generally the business’s annual turnover plus the annual turnovers of affiliates of the entity and entities connected with the…

Small Business CGT Concessions

The small business CGT concessions (aggregated turnover under $2 million – not $10 million) are important, but very complex. Disputes with the ATO about the concessions are not uncommon. In good news for small business, the Full Federal Court recently found that as the small business CGT concessions are intended…

Working Out If You Have To Pay Superannuation For Your Workers

It is not always easy to work out when you have to make contributions under the superannuation guarantee (SG) scheme. Generally, if you pay an employee $450 or more (before tax) in a calendar month, you have to make SG contributions on top of their wages. This includes a family…

Closely Held Trusts

A “closely held trust” is a discretionary trust or a trust where 20 or fewer individuals have between them, directly or indirectly, and for their own benefit, fixed entitlements to 75% or more of the income or capital of the trust. Family trusts and trusts that are interposed entities are…

Need An STP Exemption?

The ATO will consider granting an exemption for reporting through STP for: a financial year; and/or a particular employee or group of employees. Small employers with 19 or fewer employees may be exempt from STP reporting if they meet any of the following criteria: no or low digital capability; no…

1 2 3