Newsletter
September 2017 Newsletter
Small businesses
Asset write-offs
Small businesses with a turnover of less than $10 million can get an immediate deduction for assets that cost up to $20,000 each in their 2016–2017 return. The $20,000 threshold now applies until 30 June 2018.
Assets that cost $20,000 or more can't be immediately deducted. They need to be deducted over time using a small business asset pool.
TIP: It’s important to apply all of the simplified depreciation rules correctly so your business doesn’t under-claim for its eligible assets. Talk to us today for more information.
Tax debts: setting up a payment plan
Does your small business have a tax debt? The ATO encourages you to get in touch to set up a payment plan. If the debt is $100,000 or less, you can use the ATO’s self-help service to easily arrange paying by instalments.
If a business pays its tax debt late or by instalments, interest accrues on the unpaid debt. However, some businesses with activity statement debts may be eligible for interest-free payment plans.
To deal with a business tax debt of more than $100,000, you can phone the ATO on 13 11 42.
TIP: Your business still needs to lodge all of its ongoing activity statements and tax returns on time, even if you have a payment plan or can’t pay by the due date.