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Score Additional Tax Deductions

There are a couple of incentives that can help small businesses increase deductions and hence reduce their tax:

 

  • 20,000 Instant Asset Write off:
    1. Claim a full tax deduction for any business assets you purchase between 1/07/2023 to 30/06/2024 that cost less than $20,000.
    2. This is a possible tax saving of $6,500 if you are a small business and spend $20,000.

 

  • Small Business Energy Incentive:
    1. Claim a 20% additional tax deduction for assets that support electrification or more efficient use of energy from 1/07/2023 to 30/06/2024.
    2. Example – upgrading to more efficient appliances.
    3. This is a possible tax saving of $1,950 if you are a small business and spend $5,000.

 

  • External Training Courses
      1. Claim a 20% additional tax deduction for external training courses for employees with registered providers between 29/03/2022 to 30/06/2023.
      2. This is a possible tax saving of $780 if you are a small business and spend $2,000.

 

Give me a call to discuss how you can take advantage of these and reduce your tax bill.

*All tax savings assume that you are a small eligible business with a profit between $45,000 and $120,000.

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