During the Budget Announcement in May by Joe Hockey, the put forward legislative changes for small business. These legislative changes were passed by Parliament last month. They come into effect on:
Any business that has claimed the loss carry-back in its 2013-14 Business Tax Return will have to amend its tax assessment and pay back that money to the ATO. Small business that have accounted asset depreciation under the old rules will have to changes their accounts as well.
Take heart, these changes will have minimal impact on TannerSALT Clients. We have been aware of these proposed changes and have applied new rules from the commencement dates mentioned above.
We focus on staying up-to-date with the ever changing tax landscape. If you have any questions about tax concessions for Small Business please contact us on 44727111 or 44544255.