With tax time around the corner the Australian Tax Office wants you to make the most of small business tax concessions.
What are the tax concessions?
The ATO has a What’s new for small business page that keeps an up-to- date list of available tax concessions and eligibility requirements. This is a great resource to make sure small businesses are making the most of available tax concessions.
Check if you’re eligible for the following small business concessions:
– Instant tax write-off for each asset costing less than $20,000 for small businesses.
– Accelerated depreciation for primary producers.
– Immediate deduction of professional expenses for small business start-ups.
– Tax offset of 5 per cent up to $1,000 for unincorporated small businesses.
– 1.5 per cent small business company tax cut.
– No fringe benefits tax for providing multiple electronic devices to small business employees.
– No income tax liability for asset rollovers when a small business is restructured.
What can businesses claim?
You’ve probably heard of the $20,000 instant asset write-off, which lets small businesses immediately deduct assets instead of claiming the deductions over a number of years. This is just one of the tax concessions small businesses might be eligible for. The ATO webpage has plenty of information to help people understand if they’re eligible for this, or the other concessions.
How do businesses find out if they’re eligible?
Check out the ATO website. The instant asset write-off is just one of the concessions small businesses might be eligible for. It’s always good to double check the criteria. For example, the accelerated depreciation for primary producers applies regardless of turnover.