Tax Tips For 2020 That’ll Help You Through the Tough Times

Here’s one from H & R Block that had some great tips. It’s called Australian Small Business Tax Guide.

There are some interesting tips here that you might want to read up on if you’re looking to free up some capital. Here’s an excerpt:

One of the best tax breaks for small businesses is the instant asset write-off, which is a great way for your business to acquire much needed capital assets to build your business and, at the same time, reduce your taxable profits. Better still, the tax break has recently been made more generous. Assets costing up to $150,000 can now be written off immediately (previously $30,000 up to 11 March 2020). The $150,000 limit applies until 31 December 2020.In addition, more businesses can make a claim as the turnover threshold increased to $500 million from 12 March 2020 (up from the previous limit of $50m).

H & R Block Team

There are a lot more tips in this article that you may want to take a look at. Just click on this link to H & R Block to read it in full.