Small Business Concessions
As a small business owner, you can prepare for the end of financial year by making use of these small business tax concessions:
Prepaid expenses
Expenses such as rent, telephone bill, subscription, registration fees and insurance paid before 30 June that end in the next financial year can be claimed as a deduction in this year’s tax return.
Instant asset write-off
Business assets purchased before 30 June may be able to be claimed as a full deduction in your 2019 tax return. The asset must have cost less than the threshold that applied when it was first installed and ready for use.
| Date range | Threshold for each asset |
|---|---|
| 7:30pm (AEDT) 02/04/2019 to 30/06/2020 | $30,000 |
| 29/01/2019 to before 7.30pm (AEDT) 02/04/2019 | $25,000 |
| 7.30pm (AEST) 12/05/2015 to 28/01/2019 | $20,000 |
| 01/01/2014 to prior to 7.30pm (AEST) 12/05/2015 | $1,000 |
| 01/07/2012 to 31/12/2013 | $6,500 |
| 01/07/2011 to 30/06/2012 | $1,000 |
Accelerated depreciation for primary producers
If you’re a primary producer, you can claim a deduction in your 2019 tax return for:
- fencing
- water facilities
- assets used to store fodder that you bought (or first used or had installed ready for use) on or after 19 August 2018.
Simplified trading stock calculation
If the estimated difference between your opening and closing trading stock is $5,000 or less, you don’t need to do a stocktake. Instead, you can include the same amount for your opening and closing stock in this year’s tax return.
Remember, a registered tax agents like Ample Finance can help you with your tax.
