A great concern for small businesses at the moment is the impact the Coronavirus will have on small business and the community at large. The Australian government has therefore brought in various tax relief packages for small business.
Below are details of the stage 1 package.
SMALL BUSINESS STIMULUS PACKAGE
Here are details of how a small business can benefit from the stimulus package.
1. Instant Asset Write-off
- A business with a turnover of less than $500 million per annum will receive an immediate tax deduction for any business related asset purchased up to $150 000.
- There is no limit to the number of assets you can purchase.
- This applies to all assets bought between 12 March 2020 and 30 June 2020.
- The benefit will be realised when your 2020 tax return is lodged.