Patane Accounting Pty Ltd is a CPA Practice
The ATO recently reported that small business owners were repeatedly making common mistakes when applying for capital gains tax (CGT) concessions eligibility tests. A taxpayer may qualify for the CGT concessions if they: – own a business with an annual aggregated turnover of less than $2 million; – are involved in a partnership that owns…
The Government recently made changes to excess non-concessional contributions, bringing the treatment of excess non-concessional contributions into line with the treatment of excess concessional contributions. The changes eliminate double taxation, where individuals were being taxed at the top marginal tax rate even though they paid income tax on contributions prior to making contributions to their fund.…
