Changes to small business tax concessions

For unincorporated small businesses with turnover less than $5 million, the rate of the tax discount, also known as the small business income tax offset, will increase to 16 per cent by 2021–22. The small business entity turnover threshold was changed from $2 million...

Business travel expenses

  You can claim deductions you incur when travelling for business or paying for employee travel, for example: airfares train fares bus fares taxi fares. However, there are special rules for claiming expenses incurred while travelling overnight on business.   Overnight...

Simpler depreciation for small business

Small business owners can choose to use the simplified depreciation rules if they have a small business with an aggregated turnover (the total normal income of the business and any associated businesses) of less than: $10 million from 1 July 2016 onwards $2 million...

Benefits of using a registered tax agent

According to the latest data released from the ATO 96% of Australian Small Businesses rely on a registered tax agent to help manage their tax and super affairs. The ATO works together with the tax professionals to assist those small businesses. Here are some of the...

Property depreciation changes

Most property investors know that there were changes to depreciation announced in the May 9 Federal Budget. The draft legislation was released recently and cleared up some confusion, but also contained some good news: The changes do NOT affect commercial property. ...

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