Dynamic Business Logo
Home Button
Bookmark Button

SMEs plan ahead to maximise tax returns

SMEs must start planning now to maximise their tax benefits in the coming financial year, according to accounting and advisory firm, MPR Group.

Marc Peskett, of MPR Group believes the main areas of consideration for SMEs are investment tax breaks, R&D tax concessions and superannuation.

Peskett suggests, “Businesses should consider grouping similar investments to get over the $1,000 value threshold for small businesses and $10,000 threshold for large business such as grouping the purchase of four $300 printers providing a combined investment value of $1200.”

Businesses should also consider their R&D investment and planning, to take advantage of the increase in the expenditure cap from $1 million to $2 million.

Peskett said the increase would extend the R&D tax concession’s rebate to a number of innovative companies “before the proposed R&D tax credit comes into effect in 2010/2011 and could significantly increase the cash rebate particularly for those companies eligible for the 175 percent premium deduction.”

Peskett also suggests topping up super contributions before the concessional contribution cap is halved from the start of the 2009/2010 year.

People who read this, also liked:
My Top 20 Tax Tips
ATO launch SME online tax forum

Veronica Joseph

Veronica Joseph

View all posts