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ATO: Concessions this tax time

486 Views 0 Replies 1 Participant Last post by  Jack Malarkey
From the Australian Taxation Office's Small Business Newsroom:

  • Concessions this tax time

    25 May 2018

    There's still time for you to take advantage of small business tax concessions before the end of the financial year.

    If you act before 30 June, you can make the most of some concessions, for example:
    • Instant asset write-off
    If you buy and install business assets by 30 June that cost less than $20,000 each, you can deduct the business portion in this year's tax return. (In the latest Federal Budget, the Government proposed extending the $20,000 instant asset write-off threshold to 30 June 2019. This change is not yet law.)
    • Pre-paid expenses
    You can claim a deduction this year if you prepay an expense that will end in the next financial year, for example the rent for your business premises or an insurance policy.
    • Do you need to do a stocktake?
    If you estimate that the difference between your opening and closing trading stock is $5,000 or less, you don't need to do a stocktake. Instead, you can include the same amount for your opening and closing stock in this year's tax return.

    There are so many concessions available for small business! Check out all of them on our Concessions at a glance page.

    Remember, registered tax agents and BAS agents can help you with your tax.

    Find out about:
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