Business Concessions and Deductions

Deductions are just one of the ways to reduce your profit, and, ultimately, pay less tax!

Here you will find information about tax incentives, concessions and deductions specific to business.

Trip-ups on the road to a small business CGT concession

The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them. Look before you leap It’s never too early to […]

The facts about bad debt deductions

A debt to a business that is unpaid and deemed to be a “bad” debt can be an allowable deduction as long as it was included as assessable income in the present or even a previous income year, and that it is written off as “uncollectable” in the same year that a deduction is claimed. […]

5 tips to get home office deductions right

You might be sick of the daily commute, or want more flexibility of hours – or it could be that you have a talent or skill and feel sure that this can translate into a fulfilling career in your own business. Or it could just be that the idea of working from home seems to […]

$20,000 write off is only available for small business, unless…

Everyone assumes that the $20,000 instant asset write-off is exclusive to eligible small businesses. However there is a hidden gem buried within the small business simplified depreciation provisions that in some circumstances can widen the application of this valuable deduction. It is possible, under certain conditions, for individuals such as employees to be able to […]

Borrowed money to pay a business tax debt? Is the interest deductible?

It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. It was the third time, according to ATO records, that the matter was raised. Of the two previous requests for clarification, one was made as far […]

Claiming business website development costs

Most businesses have an online presence – whether to advertise their business or allow customers to purchase goods or services. Websites vary in costs and complexity – from a simple “skin” to a retail site that you may have engaged a web developer to design and set up. It’s just as well then that the […]

Small business: Decisions for your end-of-year planning 2015

There are a variety of decisions that are required to be made at year end to manage your tax bill.  Your choice will be based on your businesses activities both past and future and also when you are looking to exit. In relation to deductions, the general rule is that you can claim deductions for […]

Business racked up a tax loss? Put it away for later use

A business generally makes a tax loss when the total deductions it can claim for an income year exceed the total of that business’s assessable income for the year. Then of course there are deductions that you can’t count as tax losses, such as donations, gifts and personal super contributions. But remember, a tax loss […]

The small business concessions

The small business sector has variously been described as the engine room of the economy as well as the biggest employer in the country – and it’s not hard to see why. Research shows that small businesses were responsible for generating around half of private sector employment. The Tax Commissioner Chris Jordan says that there […]

Tactical business deductions for your end-of-year tax planning 2014

There are various legitimate ways to go about minimising your business’s tax liability, with various straightforward tax deductions that most businesses can utilise. The general rule is that you can claim deductions for expenses your business incurs in its task of generating income. Many of these deductions are obvious – rent, materials, supplies and so […]