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MA613 Taxation Law Assignment Help

1. What have been the significant events and government policy regarding the tax treatment of SBE’s in Australia?

2. Are there any recent cases or announcements regarding the use of an SBE by an Australian taxpayer?

3. Any other comment on the current criteria used by the ATO in regard to use of a SBE in Australia.

4. Has there been any interesting comments made about the use of the SBE concessions in the newspapers or elsewhere? 

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Answer 1

The taxation requirements are an essential factor to understand any business. Since, obligations implied by the taxation laws are solely dependent upon business type, number of employees by which the business is running along with the offered benefits from the market. As opined by Dabner (2016), recently, a change in the company tax rate has happened for reducing the tax rate and which was enacted by the federal government of Australia. The reduction of the company tax rate was issued from 1 July 2016. The tax rate was reduced to 27.5 per cent and this reduction happened to those companies that were operated with a less than 10-million-dollar turnover. Those companies that correspond to meet this kind of criteria are known to be a small business entity for taxation (Lundstrom, 2018). Apart from the reduction of taxes, the tax concessions which are associated in several areas. That includes accelerated depreciation, goods and service tax as well as capital gains tax, are also imposed on the SBE's. The rate by which a small business entity can frank a dividend has also been affected due to the company tax rate reduction. 

Answer 2

The 30th prime minister of Australia, Scott Morrison, has declared that the IAWO threshold for various small business entities will be increased to 25000 dollars from 20000 dollars, on 29 January 2019. He also announced that the application regarding the new threshold would also be extended until 30 June 2020. Regarding that, on 13 February 2019, the parliament of Australia also introduced the treasury laws for amendment (increasing and extending the instant asset write-off). To imply its effect on the announcement which was made by the prime minister on 29 January 2019. According to the new amendment, on the treasury laws, it is mentioned that an entity can claim an immediate deduction. For a corrosive asset in the income year which is under the IAWO for those small business entities concluded in the s. 328-180 of the ITAA 1997 (Freudenberg, Brimble and Chardon, 2016). The transitional provisions of it were also included in the s. 328-180 of the income tax (transitional provisions) act 1997.  

Answer 3.

The 'Australian taxation Office' (ATO) apply several taxations on the 'Small Business Entity' (SBE) in Australia (ATO, 2017). An SBE is a small business entity or enterprise which can be operated by multiple owners. The aim of the SBE is to increase the job opportunity of the people and at the same time enhancing the business growth for the local business community. There are several criteria that have been set by the Australian taxation office. The criteria need to be achieved by the government to be avail the taxation cut for the SBE. Since 1st July, 2016, the SBE has to provide each documentation which indicates that the business operates all the time in an income year and has an aggregated turnover of less than $10 million. Since, 1st April, 2017, the Fringe benefits tax (FBT) exemptions have been increased to $10 million. This type of tax subsidy applies for most of the SBEs, except small business income tax offset those who is having $5 million turnover threshold and Capital gain tax (CGT) tax exemptions. In the case of the previous year tax concessions, the business turn over has to be less than $2 million per year.

Answer 4 .

It can be observed that there are some of the comments regarding SBE concessions made by the intellectual people, which has been published in several newspapers. In the year 2018, there are lots of controversies happening regarding the 'Capital Gain Tax’ for small businesses. The bill has included the extra exemptions for the SBEs, that will allow hundreds of thousands in dollars relief for them. Some of the people are opposing about the bill, as the subsidy amount is very high to be exempted. Even after the controversies, the government has passed the bill Treasury Laws Amendment in 2018.  As per the new legislation rules, the SBEs has to show $2 million or less or $6 million net value test has to be passed in order to avail the tax concession. Smart Company has investigated that the owners of the SMEs are getting higher amount taxation bills after selling their businesses. As a result of that, some of the owners are opposing the new law. At the same time, the opposition party of the current government is also claiming to infect the law (Powell, 2018).         

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