Question:
Business names
Answer:
Recent changes are outlined below:
July 1, 2022
- Loss carry back for eligible companies extended to cover 2023 income year.
- Professional firm profits diverted to the professional's spouse or other associates to be reviewed under new Tax Office guidance.
- Corporate collective investment vehicle legislative regime introduced.
- Temporary full expensing of depreciating assets extended to include 2023 income year.
- Depreciable assets of a company joining a tax consolidation group have tax costs setting rules modified for assets depreciated under temporary full expensing rules.
December 9, 2021
- Reduced Pandemic leave disaster payment of $750 per week made available through to 30 June 2022.
August 5, 2021
- COVID-19 Disaster Payments are non-assessable non-exempt income in 2021 income year and later. Payments phasing out as vaccination rates increase.
July 1, 2021
- New Investment Engagement Service launched for businesses planning significant new investments in Australia.
- Tax Office small business independent review service made permanent for businesses with turnover < $10m, for income tax, GST, exercise, luxury car tax, wine equalisation tax and fuel tax credits. Requested before amended assessment issued.
- Small business income tax offset for individuals increased to provide a reduction of 16% for a tax payable up to $1,000.
- Self-managed superannuation funds can now have six members, increased from four members previously.
July 1, 2021
- Some COVID -19 state and territory business grants received by small and medium enterprises are non-assessable, non-exempt income for 2021 and 2022 income years.
- Certain state, territory and local government financial support for individuals and businesses suffering COVID-19 impacts made exempt where businesses have turnover less than $50 million and only in eligible programs.
March 31, 2021
- JobKeeper payments scheme ended.
October 5, 2020
- Boosting apprenticeship commencements subsidy (up to 50% of apprentice's wages) is assessable income.
June 4, 2020
- Homebuilder grant for new home or substantial renovation construction is not subject to income tax.
April 1, 2020
- COVID-19 cash flow boost payments are not subject to income tax
A package of Bills was introduced to the Federal Parliament to transfer responsibility for the registration of business names from eight state and territory Governments to ASIC.
Where an individual, partnership or company operates a business using another name (apart from the legal name of the businessperson or entity) current state laws require that name to be registered in the applicable states or territories. If a business operates nationally with such a business name there may need to be up to eight separate registrations.
Under the Australian Constitution the power for business name registration lies with State Governments and they will need to refer powers or copy the Commonwealth legislation to put the new centralised business name register in place. The proposal to transfer responsibility to the commonwealth was first announced by the Council of Australian Governments in July 2008.
The new system will integrate with the Australian Business Register (containing ABN and GST registrations) and to obtain a business name it will be required to quote the ABN for the entity. It will prevent future registration of identical business names which could easily occur between states at the moment.
Trust and superannuation funds will be able to register business names along with individuals, partnerships and companies.
The business name must be included in written communications and be displayed at business premises.
Penalties will apply where a business does not properly register its business name, fails to display the business name at the premises, fails to include the business name in written communication or doesn’t comply with the regulator’s requests and directions.
WTB 1353
