Clarifying deductions for digital product expenses

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The ATO has released some guidance on the typical treatment of expenses that are incurred by business taxpayers in connection with digital products. First, the ATO confirms that operating expenses incurred in the everyday running of a business can generally be claimed as a tax deduction in the year in which they are incurred. This … Read more

The Small Business Energy Incentive

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Exposure draft legislation has been released in relation to the Small Business Energy Incentive announced in the May 2023 Federal Budget. The incentive allows businesses with aggregated annual turnover of less than $50 million to access a bonus deduction equal to 20% of the cost of eligible assets or improvements to existing assets that support … Read more