Small Business and Employer Issues

Jun 21, 2024

Small Business Support – $20,000 instant asset write-off

Small businesses with aggregated turn of less than $10 million can immediately deduct the full cost of eligible assets purchased which cost less than $20000.

Small Business Skills And Training Boost

Small businesses can claim an additional 20% tax deduction for accessing external training courses for their employees.

Small Business energy incentive

Small Businesses are eligible for an additional 20% deduction on spending that supports increased energy efficiency including upgrading energy efficient fridges or installing batteries.
The incentive will cover up to $100,000 in total expenditure, with a maximum bonus tax deduction of $20,000 per business.

Prepaid Expenses

Prepaying an expense on or before 30th June allows expenditure to be claimed in the current financial year rather than recognising in a later tax year when your taxable income might be lower.


Key dates to remember as we close out the 2024 financial year end for small businesses and employers

14 July

  • Employers reporting through Single Touch Payroll (STP) need to make a finalisation declaration by this date.

28 July

  • Last date to complete the annual payroll reconciliation (to stipulate if tax was overpaid or underpaid)

28 August

  • Businesses and government entities who make payments to contactors may need to report these payments and lodge a Taxable Payments Annual report by this date.

28 September

  • If required to complete Workcover Reconciliation, this must be completed by this date.

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