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In case you missed it – The company tax Bill that did pass Parliament.
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Tax Time Checklists- Individual, Company, Trust, Partnership and Super Funds
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Article archive
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Quarter 2 April - June 2018
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Quarter 1 January - March 2018
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Quarter 4 October - December 2017
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Quarter 3 July - September 2017
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Quarter 2 April - June 2017
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Quarter 1 January - March 2017
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Quarter 4 October - December 2016
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Quarter 3 July - September 2016
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Quarter 2 April - June 2016
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Quarter 1 January - March 2016
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Quarter 4 October - December 2015
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Quarter 3 July - September 2015
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Quarter 2 April - June 2015
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Quarter 1 January - March 2015
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Quarter 4 October - December 2014
Quarter 1 of, 2017 archive
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Impending GST changes good news for SMEs
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SMSF related-party borrowing arrangements
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Primary Producer Income Tax Averaging
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Active vs passive assets and the small business CGT concession
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ATO issues further taxpayer alerts on key focus areas
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Borrowed money to pay a business tax debt? Is the interest deductible?
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Online Selling
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The dangers of income splitting
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Clients failing on depreciation front - property investment
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Home office deductions: What substantiation will the ATO accept?
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ATO advises accountants on client data swoop
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ATO issues stern reminder on new backpacker tax
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Debt Recovery
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Government takes next step in tax cheats crackdown
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Car salary packages and the deductibility of after-tax running costs
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Choosing an Executor
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ATO fires warning shots at cash economy exploiters
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Getting a tax valuation from the ATO
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5 tips to get home office deductions right
In case you missed it – The company tax Bill that did pass Parliament.

Amidst all the drama in Canberra recently, you could be forgiven for missing an important company tax rate change.

       

 

One bill – (Enterprise Tax Plan Base Rate Entities) Bill 2017 actually did get passed by the Senate.

This is an important company and dividend taxation amendment, having both retrospective and prospective impacts.

The lower company tax rate is now dependent on:

  • having an aggregated turnover less that the requisite threshold (i.e. $25 million in 2017-18 and $50 million in 2018-19 and future years), and
  • no more than 80% of a corporate’s assessable income for the relevant year is passive income as defined.

Further, maximum franking credits that can be attached to dividends are to be determined by:

  • assuming the aggregate turnover in the current year is the same as in the previous year; and
  • applying the corporate tax rate for the current year.

It should not be – but to answer the question what company tax rate will I pay – it depends!!

 

 

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