ATO support available for small businesses in flood-impacted communities
ATO Assistant Commissioner Andrew Watson said that people still dealing with the immediate impacts of the floods should not worry about tax and focus on current concerns.
It’s tax time 2020: Tax Office toolkit offers support for small businesses
The toolkit includes a set of fact sheets to help small businesses understand a range of topics, including pausing or permanently closing a business due to COVID-19.
Proposed changes to instant asset write-off legislation to benefit small businesses
Under the changes, small businesses may immediately claim tax deductions on assets costing less than $25,000, with no limit on the number of assets to be claimed until 30 June 2020.
