The ATO has prepared a table, available here which sets out at a glance all the tax concessions that may be available to small businesses. These include:
- simplified depreciation rules (e.g. the instant asset write-off, accelerated depreciation for primary producers);
- eligibility for the lower company tax rate;
- PAYG instalment concessions;
- simplified trading stock rules;
- simpler BAS;
- accounting for GST on a cash basis; and
- the various small business CGT concessions.
We will be able to assist you to work out which of these concessions your small business may be entitled to.
Deductions for small business
The ATO has also published a list of answers to the most common questions taxpayers have been asking about deductions for small business.
To view the list and find out more click here
For our full November Business Newsletter click here