Tax ruling to take many by surprise, Australian Financial Review, 27 July 2010
Australian Financial Review, 27 July 2010
Small businesses face the prospect of heavy retrospective penalties, writes Mark Fenton-Jones
Small business owners are in for a shock, says a tax expert about a ruling by the Australian Taxation Office,
Ruling TR 2010/3, which deals with division 7a of the Income Tax Assessment Act, focuses on the unpaid entitlements of corporate beneficiaries. Critics have said small businesses could face heavy retrospective tax penalties...
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