03 Jun 2021 Small Business Measures
What’s new for small business?
The following tax concessions for small businesses have changed. You can find more information in the links below:
- Interaction of tax depreciation incentives
- Temporary full expensing
- Instant asset write-off
- Backing business investment – accelerated depreciation
- Lower company tax rate changes
- Increased small business income tax offset
- Expanded access to small business concessions
How the ATO is addressing risks in the small business market
Deputy Commissioner Small Business, Deborah Jenkins, has delivered a speech to address the risks in the small business market and how the ATO can continue to provide holistic support for small business clients.
You can read Ms Jenkins’ speech here.
Avoid small business tax time errors
Help your small business clients avoid common errors this tax time. The ATO has released a list of questions to use in your client discussions. You can view these here.