Taxman putting cash in SME's pockets

In the second of our series of habits of highly successful SMEs, we look at how to benefit from new ATO rules on loss carry back, and how home allowance schemes may affect employee travel.

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There have been a lot of changes to the tax system over the past year and many have been aimed at small business so it is important to regularly review your financial arrangements to ensure they are tax effective.

Loss Carry Back

The big announcement for SMEs in this year’s Budget was a loss carry back scheme which allows businesses to claim losses of up to $1 million based on tax paid in the previous two years. To be eligible your business must have paid tax in the 2011-12 income year and then make a loss this year.

Living Away From Home

The government also announced a clamp down on living away from home allowance schemes in the Budget which may affect your employees claims or your own personal claims if you travel ...

Click here to read the rest of the article, plus the remaining nine articles in the course.