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Corporate Tax Rates
|Year of Assessment (YA)||Tax rate||Tax exemption/ rebate|
|2013 and subsequent YAs||17%||Partial tax exemption and tax exemption scheme for new start-up companies
Companies can enjoy the partial tax exemption and tax exemption for new start-up companies, as provided in the tables below.
Partial tax exemption for companies (from YA 2020)
Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or after YA 2020)
Partial tax exemption for companies (YA 2019 and before)
Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or before YA 2019)
YA 2020New!Companies will be granted a 25% Corporate Income Tax Rebate capped at $15,000.
YA 2019Companies will be granted a 20% Corporate Income Tax Rebate capped at $10,000.
YA 2018Companies will be granted a 40% Corporate Income Tax Rebate capped at $15,000.
YA 2017Companies will be granted a 50% Corporate Income Tax Rebate capped at $25,000.
YA 2016Companies will be granted a 50% Corporate Income Tax Rebate capped at $20,000.
YA 2013, YA 2014 and 2015Companies will be granted a 30% Corporate Income Tax Rebate capped at $30,000 for each YA.
Corporate Tax Rates
Effective DateThe audit exemption is applicable for financial years beginning on or after the change in the law (1 Jul 2015).
Qualification CriteriaCurrently, a company is exempted from having its accounts audited if it is an exempt private company with annual revenue of $5 million or less. This approach is being replaced by a new small company concept which will determine exemption from statutory audit. Notably, a company no longer needs to be an exempt private company to be exempted from audit. A company qualifies as a small company if: (a) it is a private company in the financial year in question; and (b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
- total annual revenue ≤ $10m;
- total assets ≤ $10m;
- no. of employees ≤ 50.
Many small businesses owners don’t realize that a staggering 80 percent of U.S. businesses fail within the first 18 months. Typically, one of the main causes is poor financial management.
Despite these dire consequences, many business owners go it alone when it comes to managing their money. A recent report found that 53 percent of small business owners don’t use an accountant at all. And even more shocking, 27 percent of these respondents simply use pen and paper to keep track of their finances.
While we shouldn’t conclude that these businesses are worse off for not having an accountant, we can’t underestimate the breadth of knowledge and experience an accountant can provide.
Most people don’t service their cars at home. Instead, they bring them to a professional mechanic who can keep things running smoothly and spot potential issues. Small businesses need just the same attention from a professional.
Accountants do more than tax filing. They can take a comprehensive assessment of your finances and create a forecast through the year to keep your business at a healthy, prosperous state.
It may feel daunting to let an outsider in on the intimate details of how your business is run, especially if you’ve had trouble managing your finances in the past. But partnering with an accountant will actually help you to achieve your goals and set you up for long-term success. With that, here are five reasons why it’s important to have an accountant for your business.
1. Get all your deductions
During this busy tax season, most business owners are frantically thinking about how they can maximize on their deductions. However, by the end of the year it is too late to make an impact on that.
An accountant can support you by easily identifying these potential deductions throughout the year and advise you how to make strategic decisions for year-end deductions. Many business owners forget to track and account for items like depreciation, out-of-pocket expenses and home office space. Don’t leave money on the table!
7 distinctions between Xero, Quickbooks and MYOB Accounting Software
1. Number of usersXero allows you to register an unlimited number of users. That alone is mind blowing! Quickbooks allows only limited number of users. Quickbooks Essential allows three users while Quickbook Plus allows five. MYOB starts with 1 user for MYOB Accounting. The more advance version, MYOB Premier, comes with 1 or 3 or 5, up to a maximum of 15 users. Multi-users access may slow down the connection speed but can be resolved by using add-on software such as Access Anywhere.
We can help you to innovate and change or reshape your business model in this digital age. Below are examples of business models that are disrupting the markets. Why not YOU ???
News, Social Media or the regular pub discussions. Lots of people are currently discussing “disruptive Business” models and sometimes they are even already fed up with the disruptive world. But why is this topic so important for everyone and what do we have to know about it? This Article should help to understand why these new disruptive business models are so important and why everybody should at least have an understanding of the basics of the most successful business models.
Disrupt or be disrupted
The quote “Disrupt or be disrupted” is being said a lot in Silicon Valley. Everybody there is constantly looking for an opportunity or niche to disrupt industries with new innovative business models. So its no wonder, that there is a lot of talking is going on in this field. But let me say one thing first: There are usually never completely new business models involved. Existing business models are usually simply used for a new industry, a new product or a new service.