Changes to income and assets from a business structure 043-03130000
Expand allThis document outlines information on when the income and assets of business structures need to be reassessed following a change in business activity.
Businesses assessment
Businesses are usually assessed using financial statements and income tax returns for a previous full financial year, however customers may advise that the business activity has changed significantly enough that they request the business to be reassessed using different financial data.
Changes could include:
- business activity commencing
- downturn in business activity
- business activity ceasing
- sale of business
- seasonal changes
Service Officers and Complex Assessment Officers must use the correct date of event for business income and assets.
Contents
Unexpected downturn in business
Irregular or intermittent business activity
Business has ceased or has been sold
Seasonal business activity has ceased completely
Raising social security debts due to self-employment or business income
Related links
Commencement of a new business or purchase of a business enterprise
Obtaining an estimate of business income