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  #   012-031 - Turnover $75,000 to $2m - Specific Taxation Issues

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  The Australian Taxation Laws contain specific provisions which relate to the turnover of the business taxpayer. This paper concentrates on turnover of between $75,000 to $2m. The comments on small business capital gains tax concessions are based on the "$5m Asset Value Test". It is assumed for the p ...[Read more](#hikashop_show_tabular_description)

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    - Description
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 The Australian Taxation Laws contain specific provisions which relate to the turnover of the business taxpayer. This paper concentrates on turnover of between $75,000 to $2m. The comments on small business capital gains tax concessions are based on the "$5m Asset Value Test". It is assumed for the purpose of this paper that the majority of businesses with a turnover of $75,000 to $2m would be eligible for the Small Business CGT Discount Concession.

If your net assets exceed $5m, please ignore the comments relative to this item contained in the paper.

The paper is presented in fifteen pages, including comments on:

1. Turnover Levels Determine Treatment
2. BAS Prepared On An "Accruals" Basis
3. Changes Affecting Businesses With Turnover Under $2m
4. Simplified Trading Stock Rules
5. Simpler Depreciation Rules
6. Entrepreneurs Tax Offset
7. R&D Tax Rebates For Small Companies
8. Amended Assessments Deadline
9. Prepayments
10. Capital Gains Tax - Net Asset Test Does Not Apply
11. Capital Gains Tax Concessions Available For Businesses With Turnovers Under $2m
12. Choice To Account For GST On A "Cash" Basis
13. Cash Basis Of Accounting Payment Rules
14. Choice To Pay GST By Instalments
15. Quarterly GST Reporting And GST Payment
16. Annual GST Reporting And GST Quarterly Payment
17. Annual GST Return And Payment Of GST By Instalments
18. Primary Production Businesses/Special Professionals Who Report GST Quarterly
19. Annual Apportionment Of GST Input Tax Credits
20. PAYG Instalments Based On GDP Adjusted Notional Tax
21. FBT Car Parking Exemption
22. BAS Lodgement Periods
23. BAS Prepared On An Accruals Basis
24. "Accruals" Basis Of Accounting Receipt Rules
25. "Accruals" Basis Of Accounting Payment Rules
26. Quarterly BAS Lodgement & Payment Dates
27. Monthly BAS Lodgement & Payment Dates
28. Simplified GST Accounting Methods For Food Retailers And Some Other Retailers
29. PAYG Voluntary Agreements
30. PAYG Withholding - Payments To Businesses That Have Not Quoted An ABN
31. Deferral Of Losses From Non-Commercial Activities
32. Primary Producers With Low Income From Non-Primary Production Sources