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  • Writer's pictureAmanda Amey

Take advantage of small business concessions

Updated: Mar 4, 2021

If you're a small business talk to us about tax concessions before June 30th.

Did you know that if your turnover is less than $10 million you may be able to claim an immediate deduction for PREPAID expenses. These can include things like rent, registration fees, insurance and advertising.

So if you pay for them before June 30, but they only end next year, you can still use them as deductions in this year's tax return.

Instant asset write off - you can claim an immediate deduction for the business portion of the cost of an asset in the year it's first used or installed ready for use. For more information on this, see our blog on Covid Instant asset write off

If the difference between your opening stock and closing stock is $5,000 or less you don't need to do a stocktake. You can just report the same amount for your opening and closing stock in your tax return.

If your turnover is less than $10 million you may be able to claim certain start up expenses as deductions this year. (such as professional, legal and accounting advice and government fees and charges

Remember, registered tax agents and Bas agents can help you with your tax. Give us a call today if you need help with your tax returns or bookkeeping.

This articles intention is to inform rather than advise and is based on legislation at the time. Each Taxpayer’s circumstances vary so we strongly recommend that you discuss this information with your Tax Agent, Accountant or Bas Agent before implementation. If you take, or do not take action as a result of reading this article, we accept no responsibility for any financial loss incurred.


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