30 JUNE IS NEAR!

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TAKE ADVANTAGE OF SMALL BUSINESS CONCESSIONS

Prepare for the end of financial year by making use of these small business tax concessions:

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.

Prepaid expenses

Expenses such as rent, 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.

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.

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.

LIVE ACCOUNTING FILES

All businesses today hover around the Information Age – social media, cloud based applications and single touch payroll upon us!

Your accounting file should be online & live whether your enterprise is retail, hospitality, distribution, construction, manufacture or service.

If you haven’t upgraded to a live accounting file yet, then you should do so now. 

This is the way of business, don’t be ignorant or present that it all seems too hard?!

Ask for help and engage with CFD Advisors to support you.