Simplified tax system continues

THE Federal Government’s deferral of the Tax Value Method will not delay the introduction of the Simplified Tax System.

Federal Small Business Peter Reith said STS would be implemented on July 1 2001 as planned.

He said the changes, recommended by the Ralph Report, would be a major benefit to small business and would strengthen the rewards flowing from the GST.

From July 1 2001 small business taxpayers will be able to choose to be part of the STS if average annual turnover for the current year and the two previous years is less than $1 million, GST exclusive.

Features of the STS include:

• Small businesses being able to determine their income and expenditure on a cash basis;

• More than 75 per cent of small businesses will no longer have to conduct an annual stocktake; and

• Depreciation provisions will be simplified, allowing assets costing less than $1,000 to be written off immediately.

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