Australian Tax: Small Business Entity Provisions, Prepaid Expenses, Loss Offsetting, Purchase Price, Small Business Concessions, Going Concern
VerifiedAI Summary
This document provides information on various aspects of Australian tax, including provisions for small business entities, treatment of prepaid expenses, offsetting business losses, purchase price considerations, small business concessions, and the sale of a business as a going concern. It explains the rules and deductions available for small businesses, the conditions for offsetting losses, and the calculation of taxable income. It also discusses the benefits and concessions available for capital gains tax and the implications of selling a business as a going concern for GST.