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  • What concessions can you claim this tax time?

    12 September 2017

    You might be surprised with what concessions you can use as a small business owner this tax time.

    A few concessions to consider for your 2017 tax return are:

    • $20,000 instant asset write-off – claim an immediate deduction by using simplified deprecation rules.
    • Immediate deductions for prepaid expenses – for services that end in the next income year.
    • Simplified trading stock rules – estimate the value of your trading stock instead of doing a stocktake.

    Our new page Concessions at a glance makes it easier for you to work out the concessions you may be able to use based on your turnover.

    Make the most of your concessions this tax time and don’t miss out!

    Remember, registered tax agents can help you with tax advice, including whether you are eligible for a concession.

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