Under the Federal Budget handed down this month, farmers can instantly write off the full value of machinery purchases. Previously, a portion would have been tax-deductible in the first year, and the rest would have depreciated over future years.
There is a lot of good to be achieved when succession planning is taken on proactively and within a structured process. Having wholesome conversations that discover the objectives and desires of all involved and dealing with challenging decisions without delay makes the process much easier and rewarding for all.
HAPPY FY21! Some changes help minimise tax. Others reduce exposure to an ATO tax audit. We have outlined these action points to assist you. Please carefully consider this information and contact us immediately if you have any questions we can answer or assist.
This has probably been the most difficult year ever for business owners due to the impact of COVID-19. And this makes Tax Planning for 2020 and key actions before 30 June more important this year than for any previous year. As a business owner, there are many obligations that you need to consider and action just before and after 30 June.
Farmers have applauded the federal government’s decision to extend its $150,000 instant asset investment write-off offer until December after many businesses highlighted the previous deadline was too short to make practical use of the incentive.
Imagine what you could do with tax saved? Use our guide for strategies you can use to minimise your business tax and talk with us before the 30 June 2020 deadline for assistance to reduce your tax!
Small Business Superannuation Clearing House users – want to claim a deduction for superannuation contributions? Your super payments must be accepted by 23 June 2020.
The Australian Government has announced measures to support businesses impacted by the coronavirus (COVID-19). If you’re a sole trader, learn what your business can get and where to go for help.
