What happens when a trust appoints income to a private company beneficiary but does not actually make the payment?
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When you start up a business, inevitably, it consumes not just a lot of time but a lot of cash and much of this is money you have already paid tax on. So, it only seems fair that when the business is up and running the business can pay you back. Right?
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In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between 2018-19 and 2020-21.
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Despite the current economic environment, the company tax rate will reduce to 26% for small and medium businesses from 1 July 2020.
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