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.
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:
Remember, registered tax agents and BAS agents can help you with your tax.
Find out about:
Related news items
The instant asset write-off threshold has been increased and extended.
Check out our new fact sheet!
Follow these tips to get on the front foot this tax time.