ATO to ramp up scrutiny of $20k tax break use
SMEs should be wary of entering “dodgy” end-of-year deals simply to utilize the $20,000 instant asset write-off according to one accounting body, as the ATO closely monitors the use of the tax concession.
Last week the government announced that legislation to extend the $20,000 instant asset write-off for small businesses for another year was passed by the senate with no amendments.
Read the full article on Accountants Daily.
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