2020 has been a very challenging time for businesses, with COVID-19, bushfires and drought taking an unprecedented toll on many. While tax and super may not be on the top of your mind during these times, we want to make it as easy as possible for you and are here to help and support you. We know that most of you use a tax agent to prepare and lodge your returns – reach out to them if you need help.
Take advantage of small business concessions
You may be able to reduce your tax bill if you are eligible for concessions such as instant asset write-off or immediate deductions for prepaid expenses. You may also be able to save time by estimating the value of your trading stock instead of doing a stocktake. Find out more about the different types of concessions at ato.gov.au/concessionsataglance