SMALL BUSINESS ENTITIES

Course overview

Small Business Entities provides a comprehensive overview of how small businesses are defined and taxed in Australia. This course covers common small business structures, the criteria for accessing small business tax concessions, key compliance obligations with the Australian Taxation Office (ATO), and practical tax planning strategies tailored for small business scenarios. It is designed for tax and accounting professionals seeking an in-depth understanding of small business entity rules in an Australian context.

Course objectives:
– Explain the different types of small business structures and their characteristics.
– Clarify the eligibility criteria for a business to qualify as a small business entity for tax purposes.
– Outline the tax concessions available to small businesses across income tax, GST, CGT, FBT, and PAYG regimes.
– Describe the registration, record-keeping, reporting, and lodgment obligations of small businesses with the ATO.
– Provide strategies for effective tax planning and compliance in a small business context.

Learning outcomes:
By the end of this course, participants will be able to:
– Identify and compare common business structures (sole trader, partnership, company, trust) and determine their tax implications for given scenarios.
– Determine whether a business meets the definition of a small business entity (SBE) and apply the aggregated turnover test correctly.
– Recognise the range of tax concessions and relief measures available to small businesses and apply these concessions to reduce tax liabilities where appropriate.
– Demonstrate understanding of GST registration requirements, BAS reporting, PAYG withholding and instalment obligations, and record-keeping rules for small businesses.
– Develop basic tax planning approaches for small businesses, including timing of income and deductions, choice of business structure, and utilisation of small business CGT and other concessions to achieve tax-effective outcomes.