In the 2020‑21 Budget, the then Government announced it would increase the small business entity turnover threshold from $10 million to $50 million annual aggregated turnover.
One of these concessions was access to a shorter two‑year period of review for income tax assessments (as opposed to the standard four‑year period). However, the Budget announcement specifically excluded entities with significant international tax dealings or particularly complex affairs from this concession. Additional time is required for taxpayers and the ATO to consider and finalise the tax position of taxpayers in these categories.
The Government is seeking the community’s views on the exposure draft regulations and accompanying explanatory materials.