1.    Simpler depreciation rules – instant asset write-off
Assets that are less than $20,000 can be written off immediately.

2.    Increased small business income tax offset
Tax Offset of up to $1,000, i.e., your tax liability will be reduced by this amount.

3.    Company tax rate cut for small businesses
Company tax rate is 27.5% instead of 30%.

4.    Accelerated depreciation for primary producers
Immediately deduct the cost of certain assets.

5.    Deductions for professional expenses for start-ups
Startup expenses including accounting and legal expenses can be written off immediately.

6.    Small business restructure rollover
Allows for the transfer of active assets between different entities without incurring a tax liability.

7.    Simplified trading stock rules

8.    Immediate deductions for prepaid expenses
Prepaid expenses may be written off entirely provided the payment period covers a period of 12 months or less that ends in the following financial year.

9.    Two-year amendment period
Generally small businesses have a two year period to amend from the date the assessment is issued by the Tax Office.

If you would like to discuss further please contact us:

McNamara and Co - Chartered Accountants, located minutes from the Melbourne CBD
www.mcnamaraandcompany.com.au/contact-us
Phone +61 3 9428 1062
Email admin@mcnamaraandco.com

Please refer to disclaimer at the bottom of the page.