Advertisement



Industry

March 28, 2019

Tax time is fast approaching

Do you know what tax concessions apply to your small business?

Cafe working greeting customer

Although it might seem like we’ve only just said goodbye to the summer heat, the end of financial year is nearly here. There are a number of tax initiatives to assist small business this financial year.

$20,000 instant asset write-off

The small business $20,000 instant asset write-off still applies until 30 June 2019. This means if your annual total turnover is less than $10 million, you can instantly claim back the cost of most business assets up to $20,000.

For example, if you own a cafe and buy a new coffee machine for $14,000, the entire cost of the machine can be claimed on your tax return.

Only the business portion of the asset can be claimed, so if a small business owner purchases a laptop for $5,000, and uses it for personal use 50% of the time, $2,500 can be claimed.

There is no limit to the number of claims on assets under $20,000. Assets totalling $20,000 or more can be put into a small business asset pool where you can claim a proportion of the amount as a deduction each year.

Other tax concessions

If you are a sole trader or have a share of net small business income from a partnership or trust, and the business has an aggregated turnover of less than $5 million, you can claim the small business tax offset, up to $1,000.

If you’re starting up a small business, you can immediately deduct certain professional expenses incurred in establishing your new businesss. This can include the costs for professional, legal and accounting advice.

To find out more about small business tax concessions

Original article: https://www.business.gov.au/news/tax-time-is-fast-approaching





MPM Advertisment
 
 

 

Easter trading hours 2019: Everything businesses need to know

Easter is around the corner and with the holiday falling late this year it is in close proximity to Anzac Day. That means a spate of public holidays are on the horizon over the next few weeks and there’s some things retailers...
by Cafe Culture Mag
 

 
 

Vive la Brekkie Revolution: Sunny Queen launches unique French Toast to Australian market

Café owners and chefs will be saying Bon Appétit to customers with the revolutionary cooked and snap frozen French Toast launched by Sunny Queen, one of Australia’s best-known and well-loved food brands. Created to servic...
by Cafe Culture Mag
 

 
 

Are you across the latest superannuation changes?

Find out how they impact you as an employer. Super provides income for your employees in their retirement. To better protect their entitlements, a number of changes have recently been legislated. What are the changes and how do...
by Cafe Culture Mag
 

 

 

Breezey Masters 2019

Welcome to the Breezey Masters 2019 With $1000 prize money up for grabs at the Breezey Masters Grand Final in Sydney on the 30th September – what are you waiting for – register today! FIVE cups in THREE Rounds with ...
by Cafe Culture Mag
 

 
Advertisement
 

2019 Budget – What it means for you

The Australian Government announced its 2019-20 Budget on Tuesday, 2 April 2019. There are a number of initiatives for Australian businesses including: Increasing the instant asset write-off threshold to $30,000. Expanding acce...
by Cafe Culture Mag
 

 

 

Have you considered the benefits of tea for your cafe or restaurant?

Food Pairing With Tea! For centuries, sommeliers and chefs have paired certain wines with certain foods. Most of us are familiar with the basic rules: Red wines to accompany rich, red meat dishes. White wines to accompany white...
by Cafe Culture Mag
 

 
 

Cafe Culture Digital 3 – Out now

Featuring the Melbourne Grand Prix Global Barista Challenge 2019 Wrap up, Cool cafe review, cultured products and more. READ HERE
by Cafe Culture Mag
 

 

 

Cafe Culture Digital Issue 2 2019

Cafe Culture Digital Issue 2 – 2019
by Cafe Culture Mag
 

 
 

Kez’s Kitchen launches Chewy Flourless Fudgy Chocolate Brownie

The Ultimate guilt free indulgence, our chewy flourless brownies will satisfy everyone. Posted by AFN Staff Writers on 12th March 2019 Our ridiculously good chewy flourless brownies have nothing to hide, so neither will you. Th...
by Cafe Culture Mag
 

 
 

Global Barista Challenge 2019 / Melbourne Grand Prix 2019

It was all engines at full throttle as teams of baristas from all over the world competed for this year’s podium position at the Melbourne Grand Prix. This event was organized by Cafe Culture International to be a feature in ...
by Cafe Culture Mag
 

 




ad