Changes in Simplified Tax System for Small Business

Recent and prospective improvements to the simplified tax system (STS) are further encouragement for small business to consider joining the system. The changes announced in the May 2006 Federal Budget (planned to take effect in the 2007-08 income year) will further relax eligibility requirements to enter the STS. These relate to increasing the STS average…

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Compulsory cashing now abolished in law

On 30 June 2006, following amendments to the SIS regulations*, the abolition of compulsory cashing of superannuation benefits was made law. This is the first 2006 Federal Budget superannuation proposal to be made law. Originally, it was proposed to abolish compulsory cashing from 1 July 2007. A press release from the Treasurer on 13 June…

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Tax Commissioner on SmallBusiness Compliance

The Tax Commissioner gave a speech to the Council of Small Business Organisations of Australia (COSBOA) in Melbourne yesterday [Mon 26.6.2006]. He talked about the Australian Tax Office’s approach to small business compliance and what the Tax Office is doing to make it easier for business to comply with its taxation obligations. Some points from…

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