Carrying on a business Non-Member

Description

It is a question that astute tax minds could debate endlessly, but in practice, advisors need to make informed decisions in a practical timeframe.

The question of whether an individual or an entity is carrying on a business affects many areas of tax law, including (amongst others):

• Determines whether amounts are assessable or deductible
• Access to concessions – e.g., small business CGT
• Corporate tax rate – base rate entity (active vs passive income)
• Access to losses – continuity of business testing

This webinar will cover:

• Detailed explanations of the relevant factors of whether a business is carried on
• GST vs income tax implications
• Non-commercial losses
• Small business CGT concessions
• Corporate residency – why a business matters

Recorded on 31 October 2023
Presented by Joshua Goldsmith

TPB CPD Hours: 1 hour
Legislated CPD Hours: 0.50 hours in technical competence and 0.50 hours in tax (financial) advice