small business

Are legal expenses tax deductible for a start-up?

From 1 July 2015, a newly incorporated company, trust or partnership can immediately deduct a range of professional expenses associated with starting a new business, such as professional, legal and accounting advice.  This change was introduced by the Tax Laws Amendment (Small Business Measures No. 3) Act 2015 (Cth) which amended the Income Tax Assessment Act 1997 (Cth) (ITAA97) and received Royal Assent on 26 August 2015. [Read more…]

Does your start-up qualify for an ESIC tax-offset?

Coming into force on 1 July 2016, the Tax Laws Amendment (Tax Incentives for Innovation) Act 2016 (Cth) (Innovation Act) amends the Income Tax Assessment Act 1997 (Cth) (ITAA) to provide tax incentives for investors in eligible Early Stage Innovation Companies (ESIC’s). [Read more…]

Changes to capital gains tax roll-over relief regime

On 8 March 2016, the Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 (Bill) received royal assent.  The explanatory memorandum for the Bill states that it makes a number of amendments to the Income Tax Assessment Act 1997 (Cth) to provide greater flexibility for small businesses to change their legal structure in order to: [Read more…]

Unfair contract terms, small businesses and changes to the Australian Consumer Law

Given the often limited resources available to small businesses, it can be difficult to keep informed about the myriad of legal obligations with which they must comply.  Under section 23 of the Australian Consumer Law (ACL), businesses must ensure that they comply with the obligation not to impose “unfair contractual terms” on consumers. [Read more…]

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