A way to have a stress-free tax time is to keep up-to-date records. Keeping good records will help small businesses complete and lodge their tax returns, manage cash flow, meet their tax obligations and understand how their business is doing.
A range of tax concessions could help at tax time. For example, simplified trading stock rules means if the estimate of the difference between opening and closing trading stock is $5,000 or less, the small business doesn't need to do a stocktake.
Small businesses who use simplified depreciation rules can take advantage of the $20,000 instant asset write-off.
You need to buy and install assets that cost less $20,000 by 30 June 2019.
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