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Am I Eligible for the Lower Company Tax Rate for 2018?

company tax rate 2018

 

There are two company tax rates, the full company tax rate and the lower company tax rate.

The full company tax rate is 30% and the lower company tax rate is 27.5%. In general, company tax rates apply to companies, corporate unit trusts, and public trading trusts.

There has been a proposed law (Enterprise Tax Plan Base Rate Entities) to apply the lower corporate tax rate to all corporate entities with no more than 80% base rate entity passive income from 2017–18 to 2023–24.

 

Who is eligible for the lower company tax rate?

First, you need to be classified as a “base rate entity” company. Base rate entities must apply the lower company tax rate for the 2017-18 income year. To be a base rate entity company, you will have to meet the following: Read the rest of this entry »

Hobby vs Business: What is the Difference?


Everyone enjoys a good hobby.

From photography, scrap-booking, cooking or even horseback riding, each of these hobbies can turn into a business. With that in mind, when it comes time to lodge your tax return, your hobby could possibly be your business. Taxpayers get confused about whether or not they should be reporting their hobby as a business. Of course, you want to avoid being penalised if you’re not declaring income to the ATO, right?

Find out if your hobby is actually a business by reading below!

What is a hobby?

Read the rest of this entry »