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Small business tax tips for EOFY 21/22.

small business tax tips 2022-06-2 Kearney Group Eofy Tax tips For Business Illustration
2 June 2022 Read time: < 1 min
Expert Reviewer Jen Farnaus, CA

3 quick small business tax tips.

End of financial year is just around the corner. If you’re running a small to medium business, we know the run up to 30 June can be a bit of a whirlwind. So we’ve pulled together 3 quick small business tax tips for EOFY just for you, including reminders about:

  1. The Instant Asset Write-Off.
  2. Digital grants and incentives for digital adoption.
  3. Timing your invoices and expenses wisely.

 

Short on time but want the tax tips for your SME?

Here’s a summary of our top 2021/22 small business tax tips for EOFY.

1. The Instant Asset Write-Off.

Firstly, don’t forget the Instant Asset Write-Off. It’s available until 30 June 2023.

This means the cost of an asset can be immediately deducted, up to the value of $150,000 in the year it is purchased and ready for use.

2. Digital grants and incentives for digital adoption.

Expenditure incurred by your small business to support digital adoption could be eligible for a 120% deduction this year.

Further, there are also government grants currently available. These grants offer rebates for certain digital adoption expenses. Ask your adviser for more information.

3. Timing of your invoices and expenses.

Finally, it’s important to think carefully about the timing of invoices and pre-payment of expenses.

That’s all to say, planning carefully is critical as this can impact your business’ overall tax position.

Get help with your 2022 Tax.

 

Want more small business tax tips? Need a hand with your 2022 tax and not sure where to start? Keen to plan for 2022/23 in your business?

Get in touch

Looking for tips for your individual tax return?

We’ve got you covered. Here are some quick and easy tax tips for your individual tax return.

If you’re short on time, you can also watch a summary here as well.

Read more.

Speak to the team.

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