Five SMB concessions to take advantage of before June 30 – ATO

Check if your business can take advantage of these five small business tax concessions before 30 June, including:

Immediate deductions for prepaid expenses

If your turnover is less than $10 million and you’ve paid for expenses (such as rent, registration fees, insurance or advertising) before June 30 and these end in next financial year, you can claim them as deductions in this year’s tax return.

Instant asset write-off

You can claim an immediate deduction for the business portion of the cost of an asset in the year it’s first used or installed ready for use.

Accelerated depreciation for primary producers

If you’re a primary producer, you can claim deductions for fodder storage assets, and fencing and water facilities.

Simplified rules for trading stock

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If the estimated difference between your 2019–20 opening and closing trading stock is $5,000 or less, you don’t need to do a stocktake. Just report the same amount for your opening and closing stock in your tax return.

Deductions for professional expenses for start-ups

If your turnover is less than $10 million, you may be able to claim certain start-up expenses (such as professional, legal and accounting advice, and government fees and charges) as deductions in this year’s tax return.

Learn more about these concessions and others at Concessions at a glance

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