2015 Tax Planning - Business Edition


Maximising deductions for Small Business Entities

STOP PRESS: It is important to note that proposed changes to the SBE capital allowance regime will impact the 2015 income year.

Under the proposals, the small instant asset write-off threshold will be temporarily increased to 'less than $20,000', for assets acquired and installed ready for use between 7.30 pm (AEST) 12 May 2015 and 30 June 2017.

On 28 May 2015, the Tax Laws Amendment (Small Business Measures No.2) Bill 2015, was introduced to give effect to this measure.

Prepayment strategies – SBE

SBE taxpayers making prepayments before 1 July 2015 can choose to claim a full deduction in the year of payment where they cover a period of no more than 12 months (ending before 1 July 2016). Otherwise, the prepayment rules are the same as for non-SBE taxpayers.

The kinds of expenses that may be prepaid include:

- Rent on business premises or equipment.

- Lease payments on business items such as cars and office equipment.

- Interest – check with your financier to determine if it’s possible to prepay up to 12 months interest in advance.

- Business trips.

- Training courses that run on or after 1 July 2015.

- Business subscriptions.

- Cleaning.

If you have any questions give us a call anytime...before 30 June!

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