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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

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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Austrade Approved Business Events
AVAILABLE NOW APPLY BEFORE 30th MARCH 2021 (Condition apply)

  • ABF Events are approved and listed below have been certified by Austrade on the Schedule of Approved Business Events.
  • This allows exhibitors, sponsors, delegates and partners to participate in the Business Events Grant Program. Note event bookings need to be confirmed ASAP to participate in the grant program
  • The program provides 50% rebate (based on a minimum spend of $20k) for approved items including ABF event-media packages, exhibition stands, corporate function tables, delegate registrations.
  • Govt Grant applications are now open until the 30 March. Please contact ABF to discuss how we can assist, we have experts to assist grant applications.
  • Grant funding will cover up to 50% of eligible expenditure incurred in participating at pre-approved business-to-business events as buyers or sellers during the 2021 calendar year.  All grant applications must be submitted for approval via the following link: https://business.gov.au/grants-and-programs/business-events-grants
  • For further information please see this fact sheet.
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