Business tax return amendment period extended
Businesses with an annual aggregated turnover of less than $50 million now have up to 4 years from the date of their tax assessment to request amendments. This applies to assessments for the 2024-25 and later income years.
For more information, see Request an amendment to a business or super tax return.
Claim a deduction on the cost of eligible assets
Available to businesses with an aggregated annual turnover of less than $10 million. If you’re eligible, you may be able to deduct the business portion of eligible assets which cost less than $20,000.
Eligible assets must be first used or installed ready for use, between 1 July 2024 and 30 June 2025. The $20,000 limit will apply on a per asset basis, so you can instantly write off multiple assets.
For more information, see instant asset write-off for eligible businesses.