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Question - Your business is conducting analysis of its taxable income for the 2015/16 financial year. The company is classes as a small business entity, with annual turnover below $5 million dollars and 10 full-time employees.
1) What level of company tax is your business required to pay in 2015/16?
2) If the company purchases an asset for $6 million in 2015, and 6 months later sells the asset for $7 million in 2016, what tax will the company be required to pay?
3) Explain why a large credit union is generally considered a more tax effective operating entity than a medium credit union?
4) What elements of Australian Consumer Law (ACL) do we need to be aware of when conducting trading relations between your business and consumers?
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