Overarching the changes to taxation in the budget was the Treasurer confirming the Government's commitment to its 10-year Enterprise Tax Plan to eventually reduce the company tax rate to 25% for all companies. Whilst not a change in law it demonstrates a continuation of the existing strategy.
Meal entertainment fringe benefits tends to be the most frequently provided benefit for businesses, as well as the most misunderstood fringe benefit. Expenditure that is incurred by an employer that is in respect of food, drink, or leisure/entertainment type activities often creates a challenge at FBT time as to correctly...
On 1 March 2018 we conducted a workshop with Carmen Ridley (Board member of AASB) on AASB16 Leases, the new Standard introduces a new model requiring lessees to recognise all leases on balance sheet, except for short-term leases and leases of low value assets.
The Government has released an exposure draft focusing on improvements to the small business capital gains tax concessions. The proposed changes were initially announced in the 2017/18 Federal Budget to apply from 1 July 2017, however, as is so common now, the proposed rules have only just been released.