Staying up to date with tax concessions can pay off for small businesses looking to improve growth.
The Australian Taxation Office (ATO) announced earlier this year a range of concessions small businesses can benefit from, adding to those which already exist.
According to CPH Accounting, these concessions can often be difficult to take advantage of if small business owners are not receiving the correct advice, a statement that is echoed by the ATO.
“If you own a small business, it’s important to make sure you know what concessions you are eligible for and when they start,” ATO assistant commissioner Michael Ingersoll said.
“You can qualify for many of these concessions if your small business has a total turnover of less than $10 million, either in the year you use the concession or the year before that.
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“It’s always good to double check the criteria if you think you may be eligible for a concession. For example, all primary producers qualify for the accelerated depreciation for primary producers (on certain assets), regardless of turnover.”
To assist the ATO features a page on its website, ‘What’s new for small business’, which updates when new concessions are open.
Concessions for small business include:
- Instant tax write-off for each asset costing less than $20,000 for small businesses.
- Accelerated depreciation for primary producers.
- Immediate deduction of professional expenses for small business start-ups.
- Tax offset of 5 per cent up to $1,000 for unincorporated small businesses.
- 2.5 per cent small business company tax cut from July 1, 2017.
- No fringe benefits tax for providing multiple electronic devices to small business employees.
- Potential income tax liability relief for asset rollovers when a small business is restructured.
With offices in Port Lincoln, Ceduna and Adelaide, CPH Accounting are uniquely positioned to help small businesses across the West Coast get the most out of their tax obligations.
Make an appointment today, and see how CPH Accounting can help you.