It’s often obvious when a company is carrying on a business. But many clients have companies set up in their family or business groups, whose “business” status may be less clear. Common examples include companies that simply hold assets used by another entity in the group, that receive trust distributions, or that appear to be “inactive” because they no longer trade. So, why does it matter? Whether an entity is considered to carry on a business can affect its tax position in various ways. If you run a business, you may be able to access the instant asset write-off … Continue reading New ATO guidelines: is your passive company running a “business”?