Hornsby Based Accountants, Business Tax Agents and Consultants
As the 2024-25 end of financial year (EOFY) draws to a close, small business owners should take proactive steps to optimise their tax positions. With the deadline of 30 June fast approaching, now is the time to finalise records, confirm compliance and maximise deductions. Below are five essential areas to focus on:
1. Leverage the $20,000 instant asset write-off
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The Australian Taxation Office (ATO) is encouraging all SMSFs to move away from paper records and lodge their fund activities digitally. Not only is online lodgement more secure, but it comes with additional benefits, including: * an extra two weeks to lodge * fewer errors * faster refunds |
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New economic modelling shows that cutting the small business company tax rate from 25% to 20% could boost GDP by up to $11.4 billion and create over 3,300 permanent jobs. |
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