Business owners can prepay business expenses making prepayments (up to 12 months) on expenses (e.g. loan interest, rent, subscriptions) BEFORE 30 June 2022 and obtain a full tax deduction in the 2022 financial year.
Small Business Entity Concessions
Small businesses can access a range of concessions including payment and reporting options. This applies to sole traders, partnerships, companies or trusts.
To qualify for these concessions, you’ll need to determine if your business is a ‘small business entity’ for the income year. You must review your eligibility each year.
If you are not a ‘small business entity’, you may still qualify for certain small business concessions based on your aggregated turnover.
To learn more, visit the ATO website Small Business Entity Concessions
How can Walsh Accountants help?
Our team of Accountants are specialists in Business and Entrepreneurial Support providing sound and sensible advice; assisting our clients to never pay more tax than they need to.
If you are interested in working with our team to conduct a Tax Planning review to have you ready for the new financial year, contact us today for a complimentary discussion based on your personal circumstances.