From 1 July 2007, small businesses with turnover of less than $2 million a year will be eligible for a range of tax concessions under the Government’s proposed changes to the law. Small businesses will also be able to pick and choose which tax concessions best suit their business.
It’s important to find out more about the new tax concessions now if you are currently registered for GST because the proposed changes may affect the way you report and account for GST early in the 2007-08 income year.Visit www.ato.gov.au/SBconcessions or give us a call to find out more.Source: Activity Statement Update – Quarter 4 2006-07
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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