Are you a small business owner?

This is a must read for you this tax season. Most planning strategies are about accelerating deductions and deferring income in accordance to legislation. Here are the first 3 important factors. #TaxPlanning #Tax #SmallBusiness

Reduction in Tax Rates – From from 1 July 2016, Small Business Company’s tax rate has reduced to 27.5%. If you operate your business outside the company structure you will be eligible for the Small Business Tax Offset which is 8% of your small business tax liability capped at $1,000.

Small Business Capital Allowance – Immediate deduction is available for business assets purchased which cost less than $20,000 till 30 June 2018, the threshold will revert back to $1,000 on 1 July 2018. It is also a good time to review you asset register and write off assets which are obsolete or items which do not physically exist.

Bad debt – We recommend you review and write off any bad debt with necessary minutes and documents. Recoverability should be assessed for any long overdue amounts.

Contact Madhu on 0425 341 086 to discuss your tax planning this tax season.