Small business concessions ignored

JUNE 2010

A TAX partner from Deloitte says SMEs will be disappointed the federal Budget had not provided assistance despite a number of measures being foreshadowed in the Henry Review.
The Henry review recommended further small business concessions. These included:

• The small business entity turnover threshold should be
increased from $2 million to $5 million and consideration
should be given to adjusting the $6 million net asset
value test under the small business CGT concessions.

• Companies should be allowed to carry back revenue
losses to offset against prior year’s taxable income,
with the amount of the tax refund limited to the
company’s franking account balance.

• The rules around the taxation of trusts should be
updated and rewritten to reduce complexity.

• A flow through tax entity regime for closely held
companies should be considered in the future.
“Small business had hoped that these Henry recommendations might have been announced as part of the Budget to support Australian SMEs,” says Deloitte’s David Pring.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Golden handshakes to departing ASX100 CEOs hit 12-year high

Golden handshakes to departing ASX100 CEOs hit 12-year high

Around one in every six CEOs of ASX100 companies left their job&nbs...

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

The revolving door of leadership at Maggie Beer Holdings (ASX: MBH)...

Dreamworld owner reports improved ticket sales despite severe peak season storms

Dreamworld owner reports improved ticket sales despite severe peak season storms

The owner of Gold Coast theme parks Dreamworld and WhiteWater World...

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

The Australian film industry continues to attract Hollywood product...