Assessable Income Essay For Sole Trader And Small Business Entity.

Case study of a property developer and drilling business

Marzena is a property developer and operates her business as a sole trader. As at 1 July 2016, Marzena owned 7 blocks of land with a value of $72,000 each. Marzena had purchased these blocks on 1 July 2012 at a cost of $53,000 each.During the income year ended 30 June 2017, Marzena acquired a further 10 blocks of land in Brisbane with the intention of preparing these blocks for sale at a profit. The 10 blocks of land cost $81,000 each. Marzena also incurred $3,700 for each new block in relation to land clearing costs and preparation costs. During the year, Marzena sold 11 blocks of land for $100,000 each. Further, she also sold on of these blocks of land to her brother for $60,000.

This was a similar block to one of those sold throughout the year. Additionally, on 1 September 2016 Marzena entered into a contract to sell an entirely separate block of land for $79,000. She had originally purchased this smaller block in Springfield in March 2015 for $81,000. She had intended building an office block on the land to be used as a ‘shop front’ for her business where she could meet with potential clients and conduct her daily activities. However, after submitting plans to council (at a cost of $1,800), Marzena was advised that due to planning restrictions in the area, the building would need underground parking and would therefore cost substantially more. Marzena then decided to sell the land and look for a block in a more suitable area. Advise Marzena as to whether she will have any ‘assessable income’ for the year ended 30 June 2017 as a result of the above transactions regarding her business and also advise whether the sale of the separate block of land would be ‘ordinary income’ for the year ended 30 June 2017.

Toowoomba Drilling is a medium sized business which specialises in large scale surface and underground drilling. The business operates through a private company, Toowoomba Drilling Pty Ltd. The company has a turnover of approximately $1.5 million and employs around 12 tradespersons and 5 administrative staff. The value of the large machinery used in drilling has a market value of approximately $20 million. The business enters into contracts with property developers, private land holders and the QLD State Government. It specialises in large infrastructure projects where drilling for pipework is required.

As part of a major new rail infrastructure project the QLD State Government offered large grants to local businesses for the purchase of new machinery that could be used in building the new railway. Toowoomba Drilling Pty Ltd entered into a contract with the State Government to accept $550,000 in funding for the purchase of new machinery. Toowoomba Drilling received a lump sum of the full amount in June 2017. Part of the terms of the contract were that Toowoomba Drilling would work exclusively on the rail project for a period of three years, otherwise a pro-rata of the financial assistance would have to be repaid. 
Required:
Briefly discuss with reference to appropriate legislation, case law and/or rulings whether Toowoomba Drilling Pty Ltd should account for income on a cash or accruals basis.
Discuss with reference to appropriate legislation, case law and/or rulings whether the State Government funding would be either ordinary or statutory income and whether it would be derived in the 2017 income year.

Income that is subjected to tax is known as the assessable income. The profit derived from the selling of subdivided land can be considered as capital gains and ordinary income depending upon the circumstances (Burnett 2015). As evident from the study, that Marzena entered into the contract to sell an entirely separate block of land for $79,000, which was originally purchased for $81,000.

Marzena had acquired the vacant block of land with the objective of building a front office however due to the restrictions she decided to sell the land and it will be usually considered as a capital asset, which is subjected to capital gains tax. In order to determine the assessable income of Marzena the amounts acknowledged from sale of land will be treated in the ordinary course of business.

According to tax rulings, 92/3 whether a profit derived from an isolated transaction is considered as income in accordance with the ordinary concepts and usages of humankind is by large dependent upon the circumstances of Merzena (Cohen 2015). According to the taxation rulings 92/3, it is evident that Merzena entered into the contract with the intention of making profit. Therefore, the transactions entered into and the profit derived in the due course of business operations will be considered for assessment in the form of assessable income.

According to the income tax assessment act 1997 the profit generated from the sale of subdivided block of land might be considered as capital gains or ordinary income depending upon the prevailing circumstances. Merzena decided to the separate block of land and any profit derived from the land will be treated as ordinary income since her intention of the transactions was to generate profit. As stated in the case of FC of T v. The Myer Emporium Ltd (1987) the tax payer amount in issue of interest bearing loan was considered as profit from the transactions and the contract was entered into by the tax payer was with the intention of making profit and in the course of the taxpayers business (Johnson 2016). Merzena had the requisite purpose at the time of entering into the contract and was sufficient to determine that profit making was the significant purpose.

The commissioner of taxation makes the use of broad approach in characterising the business gains from the isolated transactions stated under taxation rulings of 92/3. As stated under the case of Westfield Ltd v FCT (1991) 21 ATR 1398 the taxpayer must anticipate the means through which the taxpayer generates the profit. The taxpayer under this case acquired the land with the purpose of scheming and building a shopping centre. Therefore, it was not evaluated on the capital account beforehand exercising the options of selling the land.

Assessable income for property developer's transactions

Conclusion: 

Hence, in context of the given case of Marzena the taxation commissioner may assess the taxpayer for the revenue generated based on that it was considered as income in accordance with the ordinary concepts.

Toowoomba drilling Pty Ltd should account for income on cash basis since it is a small entity and its turnover does not exceeds more than $2 million. As stated under the subsection 29-40 (1) that a small business entity carrying on a business and its GST does not exceeds more than $2 million it can choose to account under the cash accounting method for the revenue which is received during the income year (Saez and Zucman 2014). As evident from the case study that Toowoomba drilling Pty was a medium sized business and had an approximate turnover of $1.5 million and for the determination of income tax Toowoomba can correctly account its income by using the receipts means of cash accounting. Toowoomba drilling Pty ltd should make choice of cash basis from the first day of the tax period. As stated in the under the bookkeeping for GST on cash basis assessable supplies made on cash basis, Toowoomba should element its GST owed on the assessable supply for the tax period in which the considerations for supply is received and it is only limited to the extent of the considerations received during that tax period.

A grant received can be assessed under section 6-5 of the ITAA 1997 in the form of ordinary income. Ordinary income includes incomes that are ordinary in concepts. According to the taxations rulings 2006/3 of the income tax, government payment to industry in the form of grand to assist the entities to continue, start or end business provides the tax office view based on the income tax implications of the government payment. From the given case study it is evident that Toowoomba received a government grants of of $55,000 to purchase the machinery so that it could be used in building the new railway. As stated in paragraph 139 of the tax rulings 2006/3, that government payment to industry for assisting the new business with the purchase of depreciating assets will not be assessed under the heads of ordinary income and hence it will assessed as statutory income (Santhanam 2015).

Considering the fact of the present case issues, which needs to be addressed, is the relationship between the payment and the business activities of Toowoomba in order to determine the whether the government grants would be assessed in the form of ordinary income or statutory income. The grants received by government does not constitute ordinary course of the business entity hence, the funds are provided to be used in order to assist with the funding of the construction of a depreciating asset. As stated in the case of “Pipe Coaters Pty Ltd v. FC of T 90 ATC 4413” the amount received in the form of subsidy has augmented the payee’s capital and hence it cannot be said as product or incident of ordinary income (Johnson 2016). Accordingly, the grants funds received by Toowoomba are to assist the business operating cost and it is directed towards expansion of the entity’s business.  

Appropriate accounting method for drilling business

The study critically evaluates the SBCGT concessions “under division 152” of the ITAA 1997. The ITAA 1997, is considered as one of the most multifaceted element of taxation legislation. The small business capital gains tax concession were established in order to provide capital gains tax relief to small business. The concession has mostly broken altogether the four principles of tax policy specifically economic effectiveness, equity, simplicity and fiscal adequacy. The expressive memos escorting the legislation of levy concession provides the best ambiguous foundations for these reorganisations (Jacob 2016).

It is worth mentioning that taxpayers rather than small business simultaneously receives concessions for retirement and roll over relief as well. It seems difficult to justify the SBCGT concessions given that they currently spreads beyond the rollover and retirement provisions. The study lays down that small business capital gains tax concession provides significant amount of relief to numerous asset rich small businesses and seems to be well engrained into the income tax system of Australia (Lynch and Goeringer 2014). Overall, given the prevalent difficulties, there is still a need for formal assessment on the procedures to rationalise the SBCGT concessions. Furthermore, defining the concept of small business is considered as debateable as there is no such easy of drawing the border and there is no such policy of justification of doing so

As stated by (Hail, Sikes and Wang (2013) these tax policies have been used in the form of optimal tax theory in order to maximise the social welfare. It is noteworthy to denote that Li, Lin and Robinson (2016) for being very complex criticized the previous regime. The policy explanation for SBCGT concessions is assessed from the viewpoint of four well acknowledged policy of tax criteria namely financial efficiency, fairness, simplicity and economic adequacy. Several treasurers have opinion that the procedure of reformation of concession would help in encouraging investment to assure that small business continues to lend it support as one of the major economic contributor. Division 152 augmented the sequences of concession such as 15-year business assets exemptions whereas sub-division 152B reduced the proportion of asset to 50%. Furthermore, sub-division 152-C bought frontward the exception in superannuation and sub-division 152-D and Sub-division 152-E introduced rollover in CGT.

During the year 2005, after the implementation of Division 152 the taxation board received several submissions, which raised a large number of anomalies. This led the board to subsequently make recommendations in order to offer more identical tax environment for small business. The recommendations also included increase in the incentives of small business so that they can maximise their capital and boost their return by cutting down the complexity and compliance cost. . As stated under para 152-10 of ITAA-1997 the small business enterprise are under the obligation to satisfy the 6 million test.

Assessment of government grants as ordinary income

Furthermore, as laid down under sub-division 152-10, if the CGT assets disposed by the company form the share of the company or a trust then the concession stakeholder test needs to be satisfied. On satisfying thee above stated conditions, the four substantial SBCGT concessions the ITAA 1997 is relevant.  In regard to division 152, a tax payer is under the responsibility to fulfil the elementary condition governing the application of SBCGT concessions in order to reduce a capital gains from a CGT event. As opinion by Maroun Turner and Coldwell (2014) division 152 was exposed to range of amendments which could widen its possibility

Studies have suggested that the tax administration must be evaluated based on the reference of simplicity, competence and fairness. Auerbach and Hassett (2015) reviewed the above stated four tax criteria to be the central part in the formulation of policy during the current process of tax reformation. As pointed out by Evans and Cooper G.A (2016), the complex rules of division 152 incessant to be a noteworthy test for small business and tax consultants to maintain eligibility. Since the nature of concession is voluminous, an in depth examination of the study delivers a critique on the key tax policy criteria.

As stated above, division 152 has foundation, which forms the part of financial effectiveness, fairness, and easiness since its objective is to support small business through Capital Gains Tax relief and encouraging development of economy. It also aims to offer concession to small business and improving the delivery of business simultaneously by streamlining the concession. Supplementary rationales for concession consists of relevance of small business to the economy, addressing market disappointments and ensuring that the small business endures during the events which threatens to break them up. Nevertheless, division 152 has been criticised because of financial adequacy.

As stated by (Tanzi 2014) small business should be owned and managed by owners. The principles policymaking structure should be aligned to the owners and managers. For applied explanations, qualitative description is considered as inappropriate since the purposeful and quantifiable standards is required in the law. While it is debated that defining small business is significant to the economy, defining a small business is extremely difficult. Making the use of measureable actions introduces the problem of ascertaining the perimeters whether its by sales, profit or number of employees. It should be noted that diverse factors will generate diverse ranges for small business. There are no such ostensible way of clearing out any toil when the trade is of smaller size. The Australian experience is dependent on the quantitative measures, which is based on the income and worth of possessions illustrating the dilemma.

Before 1^st July 2007, a huge quantity of SBCGT concessions implemented distinct considerations, which eventually lead to the formation of complication and ambiguity. During the year 2005, the central government created a task force, which intended to reduce the supervisory burden on the small business. For instance, the earlier system of basic tax generally required an aggregate turnover $1million STS and denigrating test of assets of worth $3 million. On the other hand, concession in small business were obtainable with separate test (Goss 2015). The STS depreciating asset test was removed while the $2 million aggregate income was substituted by $1 million income test. Consequently, under the common wealth taxation framework a small business entity was introduced which can complement the description of small business for several tax concessions. This represented that larger trade with lesser worth’s of depreciating asset would qualify for SBE.

Generally, it is to be understood that such no allowance on small business and there is any appropriate concession on the considerations. A large number of parameters is needed to sufficiently recognise the smaller business so that it can prohibit manipulation nonetheless with huge amount of considerations; there is a larger quantity of intricacy. As per Sadiq and Marsden (2014), it was proposed that the aggregate income test should be increased to $5 million. Setting of the considerations possess the problems of manipulation as proprietors reorganise their trade to obtain the access of the small trade concessions.

As stated by Glover and Kusterer (2016) it is critiqued that only small proportion of small business produces jobs. This paves the way for the impossible problems of targeting tax concessions. As proposed by Lignier, Evans and Tran-Nam (2014) Australia’s regime of SBE small business tax concession is only applicable to the small businesses. As renowned above, it is argued that small is important to the economy since it helps in the creation of job, produces wealth and contributes the innovation and economic growth. Under such kind of regimes small business who hardly experience any kind of growth will benefit from such scheme. Along with this, business associated with hobbies and lifestyle will obtain the access of tax concession. As stated above, the SBCGT concessions will result in the reorganisation and management of business into the small business so that they can qualify themselves for tax advantage, which may lead to avoidance of tax. It is noteworthy to denote that the tax concession at targeted size are considered as dull tools and does not focus on any growth of jobs.

As noted by Travers (2014) identifying such kinds of business is difficult and problems prevail in accomplishment or failure of the commerce. Parameters such as innovations seem to be more suitable as these businesses are most likely to attain growth. According to Lignier and Evans (2013), if the process of pointing is unsatisfactory then resources will be not properly allocated which will ultimately pave way for reduced efficiency. Small business will make over investment in Capital Gains Tax assets for tax motive as an alternative of going for productivity.

Penetrating into the marketplace will become difficult since the magnitude of companies is relatively small with lesser finance. Small business might surface failure in marketplace due to the prevalent power of monopoly of large firms. Several studies have argued that tax concession in the form of SBCGT concessions is necessary for promoting investment in small organisations. As noted by Pope (2015) these subjects are of broader concerns to all investments and produced a belief where tax franchise is merited to rectify the marketplace failure.

Studies have established that tax concession have a limited amount of role to play in addressing the market failure. Even though the problems faced by small firms are adequate to warrant the actions of government, the recommendations laid down by OECD states that non-tax measures will be superiorly beleaguered than the levy measures. Additionally, levy concession might create a restriction on the growth of the small business since the SBCGT concessions relief are covered according to the magnitude of the firm. It is further suggested that this will aid in reducing the spill over impacts in the economy from the inventive actions of smaller companies. The concession brings complexity in the business system. Therefore, a simple and natural system of taxation in business will better suit the needs of business and economy as well.

Tax concession is also needed where a business is disposed of while the owner is still alive to keep the business intact by promoting succession and disposal. As opinion by Geljic, Koustas and Burke (2016) retirement or death may lead to the cessation of business and loss of employment as well. Hence, tax concession such as SBCGT concessions becomes necessary for small trade on the demise of the proprietor. Studies have noticed that where small family businesses along with the publicly dealt companies have chosen their male child as CEO’s they turned out to be poorly managed. As argued by Hicks and Tran (2014) there is an advantage from inter-generational progression. However, several readings have pointed that there is no such evidence to support this.

As it is evident from the above stated discussion, Australia has four types of CGT concession for small business. However, it can be understood that these kinds of CGT concession might lead to an asset being acquired for the purpose of tax planning instead of optimal business reason. Furthermore, ever since the availability of the CGT concession where the person acquiring it is not managing business as a going concern, they does not meet the objective of encouraging continuity. As concluded by (Evans et al. 2014) providing relief from capital assets to small businesses appears more probable in leading to misrepresentation and demands for further respite.

The small business capital gains tax systems leads to significant amount of inequities as there are certain rules which favours few kinds of small businesses having significant amount of active assets will gain high amount of CGT benefits. To analyse the SBCGT concessions based on their effect on the parallel and perpendicular fairness is assessed. This helps in determining an person’s capability to wage. Tax enquiries of Australia have rented their sustenance on these kinds of analysis as they have noticed that parallel fairness grips the matter of dominant relevance.

Considering the Australian progressive marginal income tax rates system vertical equity is viewed as a matter of central importance (Ma 2015). As high income and wealthier taxpayers control large number of small businesses, it is very likely that there could be breach in the vertical equity. Individuals having high income operating small business will gain significant amount of assistance from SBCGT concessions due to the top marginal revenue tax rate of 49% in an income year ending 30 June 2016. ). In contrast to this, individuals such as low income tax payers and small start-up trade with lesser rate of marginal duty will gain the little assistance from the small business capital gains tax concession and they surface very reverting cost of agreement. Studies have suggested that the concessions will further deliver assistance to high income and richer taxpayers as they can afford the access to professional advice as to when they can take the advantage of concession (Somers and Eynaud 2015 

On the lands of fairness, it is argued that small business must be receiving levy relief for retirement and rollover respite due to the availability of retirement concession to employees and roll over respite for other business. As it has been originally enacted under division 152 concessions was criticized for being inequitable which was evident at the time of submission to the board of taxation review in 2005 (Kenny and Blissenden 2014). Only 25% of decrease and superannuation concession are not related with the retirement. In this way, small business capital gains tax concessions breaches equity. During the submission to the board of taxation, it highlighted that anomalies and situations where no relief was gained by small business. Accordingly, amendments were made so that it could address the anomalies of small business since they were prevalent technical issues.

Regarding simplicity (Barkoczy 2016) have institute that division 152 as initially ratified fails to meet the criteria of tax policy. A reflection of inadequate clarity on small business capital gains tax rules it is obvious after the survey that SBCGT is ranked as the maximum contributor of complexity in capital gains tax guidelines. From the above stated study, it is evident that tax compliance cost are significant and they fall deeply on the small business. Subsequently, division 152 is exposed to an extensive range of alterations since such alterations aids in broadening the range of division 152 instead of abridging the processes.

As stated by Woellner et al. (2014) most the small business practitioner clients hardly understood the concept of SBCGT concessions. Readings have found that tax assistance of business form may go beyond the supplementary cost of compliance and these kinds of concessions were stared as best sought after considerations at the time of recommending the business structure. A study conducted by several researchers have noticed that there is a lack of consciousness amongst the consultants regarding SBCGT concessions, which they perceived it to be complex. The study provides an overall highlight of the complexity forming a significant impediment to small business from gaining the access of concessions stated under division 125.

The exemption amount for capital gains on small business superannuation represented an amount of $430 million in the year 2015. As noticed by the expected tax expenditure of $1,185 million during the year 2015-16 the SBCGT concessions is considered as costly. On the other hand, the exemption for small business possessions for higher than fifteen years stood $2058 million and the SBCGT discount stood $550 million.

The SBCGT is so designed that it provides significant amount of relief for several asset rich business. It also seems to be very well entrenched into the system of Australian Taxation if the taxpayers apart from the small business also got the concession for their superannuation and relief on roll over. This seems to be unnecessarily complex with large amount of complexities and anomalies still remains. Even though division 152 has underwent series of amendments from its historical appraisals, there is still a prevalent myriad of complex borderlines, which requires careful attention (Cao et al. 2015). Division 152 is unpredictable with the strategy review of abridging the law and assisting the small business. Due to its multifaceted requirements and the active nature of small business it has casted a doubt whether several small business can afford the ongoing complex professional advice.

The current form of SBCGT concessions has turned out to be problematic to justify since they are very costly to the public and have generally broken altogether four standards of tax policy namely, monetary effectiveness, fairness, easiness and economic capability. The explanatory memo escorting the legislation of levy concession has laid down the unclear foundations for large amount of these reforms. As stated by (Taylor and Richardson 2013) there is hardly a slight evidence to suggest that the objectives of policy has been undertaken seriously. Furthermore, explaining a small business is relatively not an easy task since there is no such simple procedure of drawing a border and usually does not requires any explanation of procedure. Overall, as it is evident from the given difficulties it requires an official appraisal process in order to rationalise the small business tax concessions.

Conclusion: 

To conclude with, the study has provided a significant insight into the small business capital gains tax concession that a large number of assets rich small businesses is entrenched into the system of Australian taxation. As evident from the study that it is hard to provide justification of the concession in small business given their current form since the provision extends outside the roll over and superannuation relief. The study has significantly defined the ambiguous rationales for such reforms and has justified the problems prevailing in small business. The study has clearly specified that there is a necessity for an official evaluation in order to vindicate the duty concession of small business.

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