Small Business Checklist

Tax Concessions

Did You Know?

Small businesses with an annual turnover less than $2 million may be able to access a range of tax concessions.  This applies whether you operate your business as a sole trader, partnership, company or trust.

Some of these concessions include;

• Simplified trading stock rules.

• Accelerated deductions for business equipment & motor vehicle purchases.

• Businesses are able to claim the full deduction in the year of purchase for business plant & equipment costing less than $6,500 GST Exclusive.

• For all other assets the depreciation rates will be 15% of the original cost (GST exclusive) in the year of purchase and then 30% each year after that.

• In regard to motor vehicles, small business are able to claim an immediate deduction for the first $5,000 (GST Exclusive) with the balance being claimed over future years in line with depreciation rules.

• Immediate deductions for prepaid expenses.

• Capital gains tax concession for when you sell your business.

• GST Concessions – choose cash accounting, instalments & annual private apportionment.

• FBT Concessions – ie possible exemption on car parking benefits.

End of Year Tax Tips

• Pay your employees super before 30 June to get the deduction that year;

• Write off any bad debts by 30 June to obtain the deduction and any applicable GST Refund.

• Log Books – make sure it reflects your current vehicle use and is less than 5 years old.

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