Intax --- Page: 18-19 : June 2008 Original article by Eugene Ng
LexisNexis Summary
Small businesses engaging in tax planning ahead of the end of 2007-08 can consider various tax concessions. These include the fringe benefit tax car parking exemption and the entrepreneur's tax offset. It may be beneficial to take advantage of the 12-month prepayment rule or the simpler trading stock rule. To be classed as a small business in 2007-08, the entity must carry on a business during the year and have an aggregated turnover of under $A2 million. Tax planning should involve the active management of tax risks rather than dubious interpretations of the law.
