Here are some tips to help small business in the lead up to and during tax time, including:
1.Keep up-to-date records. This will help small businesses to complete and lodge their tax returns, manage cash flow, meet their tax obligations and understand how their business is doing.
2.Consider small business tax concessions, such as:
–simplified trading stock rules . For example, if the estimate of the difference between opening and closing trading stock is $5,000 or less – the small business doesn’t need to do a stocktake;
–start up concessions. This will allow new small businesses to claim an immediate deduction for start-up costs. Such as professional, legal and accounting advice;
–simplified depreciation rules, including the $20,000 instant asset write-off for assets costing less than $20,000 bought and installed by 30 June 2018.
There are many ways in which the ATO supports Small Businesses and these are just some of the new ways in which you can minimise your tax. These measures are also aimed at making it easier to complete your returns.
If you are unsure how these small business tax concessions may be relevant to your business , please contact us for a no obligation chat.