Need a presentation by Thursday night (26/09/2019) with a two page summary.Assessment Cover Sheet...

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Need a presentation by Thursday night (26/09/2019) with a two page summary.

Assessment Cover Sheet Student ID Number/s: Student Surname/s: Given name/s: Course: School: Unit code: Unit title: Due date: Date submitted: Campus: Lecturer: Tutor: Student Declaration I/We declare that: 1. the work contained in this assignment is my/our own work/group work, except where acknowledgement of sources is made; 1. certify that this assessment has not been submitted previously for academic credit in this or any other course; 1. I/we have read the MIT’s Plagiarism and Academic Misconduct Policy Procedure, and I/we understand the consequences of engaging in plagiarism; 1. a copy of the original assignment is retained by me/us and that I/we may be required to submit the original assignment to the Lecturer and/or Unit Co-ordinator upon request; I/we have not plagiarised the work of others or participated in unauthorised collaboration when preparing this assignment. MIT ID Signature Date For Assessor Use Only (if not marked on Moodle) Name: Position Date Signature Marks/Grades MIT Taxation Law MA613 Semester 2. 2019 Group Assignment Please note this assignment is under construction, Front sheet to be added Due Date: 29th September 11 pm, week 11: 2019TBA, 2018. Presentations will take place in class time, and students are expected to hand up their two page summary. Group assignment 20% Purpose: The focus of the assignment to be completed is on the topic of the tax concessions offered to businesses who qualify as a Small Business Entity (SBE). This topic will be studied as part of an assignment and will not be tested again in the exam. Please see the following guide. · The purpose of the assignment is to encourage students to study and understand how the definition and qualification criteria to be classed as an SBE. · Students are encouraged to access information and comment from textbooks, published articles, newspapers and from internet sites – including the ATO and professional advice sites. · Each class member will be allocated a part of the assignment, and then expected to research and present on that part of the assignment. · Students are expected to present an outline of their research with a talk and a short power point presentation. · Students must hand up a two-page outline of their questions and answers (as a part of the assignment). · Marks will be allocated according the quality of the research, presentation and hand up summary of work completed. · Up to four students may form a group. Students in the group are to answer all of the questions listed below as topics. Two students may be allocated a topic which can be studied and researched together. · Students may refer to the assessment rubric in the unit guide. Note the assessment criteria of: research, presentation, quality, analysis, examples outlined and understanding. Guidance: Students should discuss their topic with the lecturer, who will outline the important areas that are to be researched, and presented. Students can request advice at any time. Topics: · Explain how and what criteria areis used to determine and define an SBE? What criteria areis used by the ATO? Which business entities can qualify as an SBE? · Why have such significant favourable treatment been given to SBE’s?, Wwhat is the basis for this preferential treatment by the government? · Why are the definitions of an SBE is so significant? · What kind of planning should a taxpayer conduct in order to ensure they are conducting an SBE? · What guidance is given by the ATO regarding qualification as an SBE? Are there any tax rulings etc? · What are the significant advantages available to an entity that qualifies as an SBE? · What have been the significant events and government policy regarding the tax treatment of SBE’s in Australia? (Tradies deductions?) · Are there any recent cases or announcements regarding the use of an SBE by an Australian taxpayer? · Any other comments on the current criteria used by the ATO in regard to the use of a SBE in Australia? · Has there been any interesting comments made about the use of the SBE concessions in the newspapers or elsewhere? Submitting assessments All written assessments are to be submitted via the Unit site on the Online Learning System (OLS) by the due date and time given in the Assessment Overview. Unit lecturers will provide instructions and in-class demonstration of the submission process prior to the due date for the first assessment in the Unit. Students who experience technical issues when attempting to submit their assignment via the OLS should immediately contact technical support or the website for assistance Late submission of assessments Written assessments that are submitted after the due date and time published in this Unit of Study Guide will receive a penalty of 10% of the maximum available mark per working day. Exceptions to this will only be granted where a student has requested and been granted an extension to the assignment due date in advance, or where an application for Special Consideration has been granted (see Section 4, Policies). Receiving marks for assessments Students will normally be notified of marks for individual assignments via the OLS. All student results for an individual assessment item will be released concurrently. Marks will normally be returned within two weeks of the assessment being submitted. Students will be notified if there is to be a delay to the release of marks for an assignment. T2-2019 v1

group-assignment-mit-taxation-semester-2-in-template-td-j11x1tjf.docx

Akash · Accepted Answer

TAXATION LAW MA613
Table of Contents
Criteria to Define and Determine Entities as Small Business Entity (SBE) by Australian Taxation Office (ATO)	3
Favourable Treatment being given to SBEs and Reason for the same	3
Significance of Definitions of SBE	3
Planning of a Taxpayer to ensure they are conducting an SBE	4
Tax Rulings and Guidance by ATO for Qualifying as an SBE	4
Most Important Benefits to Entities Qualifying as an SBE	5
Government Policy and Important Events for Tax Treatment for SBEs in Australia	5
Recent Cases of using SBE by Australian Taxpayer	6
Analysing the Present Criteria used by ATO for SBE in Australia	6
Interesting Comments made for SBE Concessions in Newspaper or Elsewhere	7
References	8
Criteria to Define and Determine Entities as Small Business Entity (SBE) by Australian Taxation Office (ATO)
The SBE has specific provisions and tax benefits as per the Australian Taxation Office, and they are treated quite differently from the other business natures. The criteria for determining SBE is not much complex. SBE is considered a Small Business Entity consisting of 100 or fewer employees and operated independently with a gross turnover of $10 million or less. These business entities may have partners and should operate entirely within the state. As per the Australian taxation office, the business should fall under sole trader, partnership, company, trust, etc. to be eligible for the small business entity. 
The industry is only entitled to be a small business entity if the income turnover of previous years is less than $10 million. The business can access various details in the current year, and they can still be eligible for certain rebates and concessions as listed in the Australian taxation guidelines. It is because a small enterprise needs more than any middle or big enterprise, so it is necessary to support them by the steps taken by the existing government (Dite et al. 2018).
Favourable Treatment being given to SBEs and Reason for the same
The rebates and concessions for small business entities are quite favourable for the businesses, which have just started. The government funding schemes and various business laws in Australia offer different rebates and relaxations to the small business entities. Since these small business entities are newly grown-up companies or industries- the government tends to support them through multiple modes so that they can generate good growth in the coming years. As an establishment, these business entities are given a scope of earning profits and scaling up. 
Thus, they have been given various tax concessions as compared to other businesses. The tax compensation provides relax from tax expenditure and helps in the small enterprise to grow or develop. The government also runs various schemes from time to time to offer benefits in terms of taxes and other monetary concessions. It also includes benefits in terms of compliances and documentation to help these businesses to grow further, which in turn, can support the economy of the country as well. Any business ranges from small to large enterprise, and thus people must also help them.
Significance of Definitions of SBE
The definition of SBE in significant terms is as follows: 
The SBE can be considered as a small business entity, which falls under specific economic criteria and is independently owned and operated, by individuals or group of individuals within the country of Australia. It also has specific eligibility requirements in terms of earning bracket and general tax laws. It should have an aggregate turnover of less than $10 million a year. 
Its definition is significant because it mentions that it is for small enterprise, and its criteria are also mentioned, which makes it easy to understand what SBE is.
Thus, the definition is significant, which makes up the business of small enterprise more supportive and stable by providing benefits from the government and also various exception rules are present to provide support to the little business person. Moreover,

Assessment Cover Sheet Student ID Number/s: Student Surname/s: Given name/s: Course: School: Unit code: Unit title: Due date: Date submitted: Campus: Lecturer: Tutor: Student Declaration I/We declare...

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