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BE INFORMED: Make sure you know what is happening with tax breaks for small business. Get up to date at the Australian Taxation Office website 苏州美甲美睫培训学校ato.gov419论坛.
苏州美甲美睫培训学校

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All the tax basics coveredGet your tax file number in orderStaying up to date with tax concessions can pay off for small businesses looking to improve growth.

The Australian Taxation Office (ATO) announced in April a range of new concessions small businesses can benefit from, adding to those which already exist.

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We All CountAdamson Penhall & CoMurray NankivellPerrey Bozzetti & Associates“If you own a small business, it’s important to make sure you know what concessions you are eligible for and when they start,” ATO assistant commissioner Michael Ingersoll said.

“You don’t want to find out once it’s too late.

“You can qualify for many of these concessions if your small business has a total turnover of less than $2 million, either in the year you use the concession or the year before that.

“It’s always good to double check the criteria if you think you may be eligible for a concession. For example, all primary producers qualify for the accelerated depreciation for primary producers, regardless of turnover.”

To assist the ATO features a page on its website, ‘What’s new for small business’, which updates when new concessions are open.

Concessions for small business include:

Instant tax write-off for each asset costing less than $20,000 for small businesses.Accelerated depreciation for primary producers.Immediate deduction of professional expenses for small business start-ups.Tax offset of 5 per cent up to $1,000 for unincorporated small businesses.1.5 per cent small business company tax cut.No fringe benefits tax for providing multiple electronic devices to small business employees.No income tax liability for asset rollovers when a small business is restructured.Weeks to go for SuperStreamSmall businesses had until June 30 to get on board with SuperStream.

SuperStream is the standardisation of how employees make super contributions on behalf ofemployees. It involves employers sending allpayments and employee information electronically in a standard format.Using it is mandatory. Around 35 per cent of small businesses were yet to come on board.

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