I wanted to draw your attention to a couple of important issues that a number of our clients have contacted us about recently about small business tax benefits.

The first is that the final date to lodge a Family Tax Benefit claim is 30th June. Make sure you don’t miss out and give us a call if you have any queries.

I also wanted to offer some advice on the $20,000 instant asset tax write off that passed Senate this week.

I’ve heard of a number of small business owners making the mistake of trying to claim a deduction having spent just over $20,000. It’s really important that you know that the deduction can only be claimed by small businesses (under $2m turnover) spending less than $20,000 per asset.

It’s also important to highlight that this is a tax deduction not a tax refund. Effectively, if you spend $19,999 on a new asset for your business, your tax bill this year will be reduced by the 30% tax on this spend, i.e. $6,000.

I came across this useful article in SmartCompany recently that highlights the key features of the new tax measure.

Interested to learn more?

If you’re interested in learning more about small business tax benefits or are unsure about what can and cannot be claimed, please do make sure to give a call. Get in touch with our business tax reduction team from Taggart & Partners on (07) 3391 1188 or email us at info@taggartandpartners.com.au and make sure your business is paying the right amount of tax.

Updated 12/03/2021

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