Another tax year is almost coming to a close. If you're a small business owner are you ready?
Don't forget, one of the best tax breaks and incentives for small business remains the instant asset tax write-off. This is a fantastic way for your business to invest in capital assets all whilst reducing your taxable profits.
In addition, it's not $20,000 anymore, but has since risen to up to $30,000 which can be written off immediately provided your qualifying asset purchase is made after 2nd April 2019.
At Transworld Business Advisors we certainly encourage you to seek professional advice to minimise the amount of tax you may owe to the ATO come the end of the year.
This is also a great time to be putting your business on the market should you be looking at your exit strategy. Your accounts will be freshly prepared, and there will be buyers out there who have come into some surplus cash after their tax returns who may be looking for their next investment opportunity.