Tax benefits for small businesses for the government stimulus package to the coronavirus…

Paula will go through the 3 main tax measures announced by the Government on its economic response to the Coronavirus. Click here to read the full measures or to download the pdf detailing the key tax measures of the package.

* * * Disclaimer: No person should act on the general information in this article without taking specific advice from a qualified adviser. * * *

Is hiring a subcontractor costing you more than you think?

With 20 years dealing with small business, one of the most confusing areas is Employee v’s Subcontractor.

We have an information guide to help you. Email us at [email protected] with your details and we will post one out to you. Indicate in the subject line – Employee versus Subcontractor Information Guide

* * * Disclaimer: No person should act on the general information in this article without taking specific advice from a qualified adviser. * * *

Here’s a fascinating question for you. Are all of your customers profitable for your business?

The Pareto Principle probably applies.

You may have heard of the Pareto Principle where 80% of your profit on average comes from 20% of your customers.

This principle can be implemented in a lot of areas (here are some examples):

  • Business: 20% of your customers makes 80% of your revenue
  • Quality: 20% of causes results 80% of defects
  • Economy: 20% of population holds 80% of capital

* * * Disclaimer: No person should act on the general information in this article without taking specific advice from a qualified adviser. * * *

IMMEDIATE WRITE-OFF ASSET UNDER $30K

The instant asset write-off now also includes businesses with a turnover of less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:

  • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
  • $25,000, from 29 January 2019 until before 7.30 pm (AEDT) on 2 April 2019
  • $20,000, before 29 January 2019.

Businesses can’t immediately claim a deduction for individual assets that cost $30,000 or more. They can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover.

Source: ATO

* * * Disclaimer: No person should act on the general information in this article without taking specific advice from a qualified adviser. * * *

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