The ATO is available to provide you with information to help you identify concessions you might be eligible for.
There are many types of concessions available. The ones you can qualify for will depend on factors such as your company structure, the industry you’re in and your annual turnover. There’s lots to know about small business concessions; but to give you an example, you could be eligible to claim: - some of the costs of setting up a new business, for example, professional services including legal and accounting and any government fees and charges you’ve paid - an immediate deduction for prepaid expenses, such as your business premise lease or advertising expenses, where the payment covers a period of 12 months or less that ends in the next income year - fringe benefits tax exemptions for work-related devices such as laptops and phones you provide to staff - accelerated depreciation of some business assets used in primary production, such as water facilities and fencing.
Comments