Man working in cafe and wondering about Tax Deductions For Investing In Your Business

Tax Deductions for Investing in Your Business

Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5bn* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an asset’s cost will be…
Small Business Owner unhappy as he misses out on loss carry back

Small Business Shut Out From Loss Carry Back

Thousands of small businesses are set to miss out on accessing the temporary loss carry back provisions due to its limitation to corporate entities. The National Tax and Accountants’ Association has now written to Treasurer Josh Frydenberg to call for the expansion of the loss carry back provisions to non-corporate entities such as sole traders, partnerships and trusts.…