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
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