Newcastle Accountants | Maitland Accountants | Bottrell Offices located in Newcastle, Maitland. Your local Accountants, Tax Agents & Advisors in Newcastle & Maitland.

Income tax concessions

There are four income tax concessions.

Simplified depreciation rules

In the 2015 Budget, the Government announced its intention to allow small businesses with an aggregate turnover of less than $2 million to immediately deduct assets they start to use or install ready for use, provided the asset costs less than $20,000. The small business simplified depreciation pool will apply to assets costing $20,000 or more. The measure will require legislation and will apply to assets acquired from 7.30pm on 12 May 2015 until 30 June 2017.

At the time of publishing, these changes had not yet become law.

See also:

Simplified trading stock rules

This concession allows you to estimate the value of your trading stock at the end of the financial year to report in your tax return. You will need to record how you estimated the value of your stock, but you don’t need to notify us that you have chosen to use an estimate.

You can choose not to conduct a stocktake (and account for changes in the value of your trading stock) if there is a difference of $5000 or less between:

  • the value of your stock at the start of the income year.
  • a reasonable estimate of the value of your stock at the end of the year.

If you choose not to use an estimate, you will need to conduct a stocktake and account for the changes in the value of your stock.

See also:

Immediate deductions for prepaid expenses

You can claim an immediate deduction for prepaid expenses where the payment covers a period of 12 months or less that ends in the next income year.

See also:

Two-year amendment period

You generally have a two-year time limit (from the day we issued your notice of assessment) for reviewing an assessment.

See also:

 

source:- www.ato.gov.au

, , , , , , , ,

Comments are closed.