The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below:
- The pending increase in the small business instant depreciating asset write-off to less than $25,000.
- Accelerated depreciation deductions for primary producers for eligible fodder storage assets, as well as for fencing and water facilities.
- Assistance for primary producers impacted by drought at Drought Help, or by contacting the ATO on 1800 806 218.
- A lower company tax rate of 27.5% for companies qualifying as a Base Rate Entity (‘BRE’).
- Increased Small Business Income Tax Offset (‘SBITO’) for eligible sole traders and individual partners and beneficiaries.
The ATO has reminded taxpayers that more businesses are now eligible for most small business tax concessions.
For more information regarding each of these concessions, please visit https://www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business/