KPG Taxation- your personal tax consultation agency is here we are to give you some precious tax tips to run successful small businesses in Australia.
1. Immediate Deduction of most purchased assets
This one is a good strategy for small business owners in Australia if your small business costs less than $20,000. You can immediately deduct the business portion of the most purchased assets.
- For new as well as second hand assets
2. Instant Asset Write Off
A small business owner in Australia can claim up to $20,000 worth of assets.
- Just for 12 months for now.
- If you purchase an asset for your business like a coffee machine or anything, immediately claim a deduction up to $20,000.
3. Capital Gains Tax (CGT) Concessions
- To claim CGT concessions, small business owners in Australia should assure that their net assets are less than $6 million. Moreover, the business also needs to pass the same test.
- Capitals Gains Tax concessions will be changed after the owner sale their business.
- It should be determined whether the CGT asset is active or not