Another year almost over, and once again it is time to review and see what tax time brings.
Budget night this year brought with it a few positives for small business including:
* Immediate write off business assets that cost less than $20,000.00, this is effective from Budget night 12th May 2015 until 30th June 2017.
*A reduction in the company tax rate for small business enterprises from 30% to 28.5% commencing from 1st July 2015.
* A tax rebate from other small business enterprises (Sole trader, Partnerships, Trusts) of 5% also commencing from 1st July 2015.
The ATO, now more than ever, is looking at claims made in regards to work related expenses, rental property deductions and data matching information for individual tax returns.