SMALL Business Tips
Small business owners has many tax benefits, examples
- Business start-up costs immediate deductions.
- Claim certain prepaid expenses costing less than $1000.00
- Simplified trading stock rules
- Exemption and reduction on capital gain from sale of business, subject to ownership period and age.
- Reduced corporate tax rate to 26%
- Assets costing less than $150000 can claim in full [Temporary Full expensing can claim your deduction when lodging your 2020–21 and 2021–22 tax returns.