Tax time tips for small business

The ATO claims that it is committed to supporting small businesses and making it as easy as possible for them to understand and meet their tax obligations at tax time.

Consequently, Assistant Commissioner Mathew Umina has some tips to help small business in the lead up to and during tax time, including:

• keeping up-to-date records, which 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;
• consider small business tax concessions, such as:

1. simplified trading stock rules (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);
2. concessions that allow new small businesses to claim an immediate deduction for start-up costs like professional, legal and accounting advice;
3. 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.

Please contact Omnis Group in Perth on 08 9380 3555 if you need any advice as to how any of the abovementioned small business tax concessions may be relevant to your business.