The M.A.S Partners
newsletter.

Monthly small business insights from our team.

Each month we put together a newsletter covering accounting advice, tax updates and small business insights for Australian business owners. Browse our editions below.

Deferring income

Income received in advance of services to be provided will generally not be assessable until the services are provided.
Taxpayers who provide professional services may consider, in consultation with their clients, rendering accounts after 30 June to defer the income.
A taxpayer is required to calculate the balancing adjustment amount resulting from the disposal of a depreciating asset. If the disposal of an asset will result in assessable income, a taxpayer may want to consider postponing the disposal to the following income year.
Consider whether the criteria for classification as a small business entity are satisfied to access various tax concessions such as the simpler depreciation rules and the simpler trading stock rules.
Individuals operating personal services businesses should ensure that they satisfy the relevant test to be excluded from the personal services income regime, or seek a determination from the Commissioner.

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