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  • Take advantage of small business concessions

    11 June 2019

    Prepare for the end of financial year by making use of these small business tax concessions:

    Instant asset write-off

    Business assets purchased before 30 June may be able to be claimed as a full deduction in your 2019 tax return. The asset must have cost less than the threshold that applied when it was first installed and ready for use.

    Prepaid expenses

    Expenses such as rent, registration fees and insurance paid before 30 June that end in the next financial year can be claimed as a deduction in this year's tax return.

    Simplified trading stock calculation

    If the estimated 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.

    Accelerated depreciation for primary producers

    If you're a primary producer, you can claim a deduction in your 2019 tax return for:

    • fencing
    • water facilities
    • assets used to store fodder that you bought (or first used or had installed ready for use) on or after 19 August 2018.

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

    Find out about:

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