With tax time fast approaching small business owners should be aware of these concessions.
As of the 3rd May Federal Budget, a number of these concessions have been broadened and if gazetted, as expected these will commence 1st July 2016.
Since July 2015 about 100,000 small businesses have used the write-off scheme provision to save $420 million.
Did you know there are tax concessions available that can help your small business grow? Find out which ones you can use and when they start so you can benefit. Some concessions for small businesses include: instant write-off for each asset costing less than $20,000 immediate deduction of professional expenses for starting your business a tax discount of 5% (up to $1,000) for unincorporated small businesses a 1.5% cut to the small business company tax rate no fringe benefits tax for providing multiple electronic devices to employees no income tax liability for asset roll-overs when restructuring your business accelerated […]
Speak to your tax accountant and business advisor to ensure you take maximum advantage of these concessions to enhance you profitability and sustainability, both essential to small business in the current economic climate.