AM I A SMALL BUSINESS
AM I A SMALL BUSINESS? This is a book aimed at small business, the people who run the businesses and those advising them. It is equally applicable to aspiring small business proprietors and to hobbyists and people who conduct small business. It is a book that should be compulsory reading for those considering operating a small business….if this were to happen, there would certainly be less failures. Those already in business will certainly learn much from this book as the author is highly credentialed in her field. The author deals with defining small business within the law, different legal regimes, employees, corporations law, the goods and services tax, income tax and so much more.	In Store Price: $AU21.95 Online Price:   $AU20.95 ISBN: 1-9208-8436-X Format: A5 Paperback Number of pages: 210 Genre: Non Fiction
Author: Sally Joseph  Imprint: Zeus Publisher: Zeus Publications Date Published: 2004 Language: English

Author bio 

Sally Joseph, MTAX, BTAX (Merit), University of New South Wales; MCOM, University of Southern Queensland; CPA; FTIA; ACIS 

Ms Joseph conducts a taxation strategy consultancy providing services to business.  Ms Joseph has been involved as an adviser and analyst in a wide range of taxation and business procedural issues and has authored numerous articles on taxation issues in Australia for the financial services and insurance industries. 

Prior to establishing her firm, Ms Joseph held senior management accounting and tax related positions in businesses in Australia and South Africa. An internationally qualified company secretary and CPA, Ms Joseph was awarded the UNSW/Commissioner of Taxation medal in 1998 and is currently gaining her legal qualifications.

Chapter 1

Introduction  

Am I a small business? 

What are my alternatives…how do I ascertain what I am…when is my business considered to be medium or large…am I a business at all…what are my legal obligations? 

These are the issues that are addressed in this book.  The ultimate goal is to provide you with the tools in understanding your situation and thereby reduce your risk of non-compliance with the law. 

What is a small business?  Is it based on the number of employees that I have?  Is it based on annual turnover?  Is it determined by how much profit I make or what assets I hold?  What if I don’t make any profit? 

There is no one single factor used by all legal regimes or even within these regimes.  Take taxation for example – different criteria apply for income tax compared with goods and services tax which is again different from payroll tax.  The following table illustrates the confusion that arises. 

The aim of this book is to assist you in working through the maze of information produced so that a decision can be readily made. 

For largely practical reasons, non-profit organisations and non-residents are excluded. Generally only single or simple business structures entities are considered.  This is because small businesses generally do not have complex structures.  Therefore this book does not cover issues peculiar to complex types of businesses. 

This first edition covers corporations law, privacy law and workers’ compensation.  The developments with respect to small businesses in trade practices law and employment law are mentioned. Also covered are the various taxation laws, namely income tax (incorporating capital gains tax), fringe benefits tax, goods and services tax and payroll tax.  The dichotomy on the employee-contractor issue is covered separately.  As the law develops in these and other areas (such as employment), this book will be updated accordingly. 

Important notice

This guideline is designed to give you basic information; it does not cover the whole of the legislations referred to and is not a substitute for professional advice. Moreover, because it avoids legal language wherever possible there may be generalisations about the application of the legislations. Some of the provisions referred to have exceptions or important qualifications. In most cases the particular circumstances of the situation need to be taken into account when determining the application of the legislations to that situation. 

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