The end of the 2016/17 financial year is almost here, so now’s the time to look at Small Business Concessions to minimise your tax.
Small Business Concessions – Prepayments
For Small Business with sales turnover of less than $10 million, you can make prepayments (up to 12 months) on expenses BEFORE 30 June 2017 (e.g. Rent, Interest on Loans) and obtain a full tax deduction in the 2017 financial year.
Small Business Concessions – $20,000 Write Off
For Small Businesses with a turnover of less than $10 million, an immediate deduction is available for any asset purchase costing less than $20,000 GST exclusive.