Well, it’s not yet Christmas, but we thank the ATO for an early Christmas present. Prior to the change in late August, the cost for professional fees associated with establishing a new business were deductible over a 5 year time frame. This is a difficult thing for our clients to get their head around, i.e. they come to us, pay for our services, but cannot deduct it immediately.
The ATO has corrected this now for Small Businesses and if you fall in to that category, then the good news is those fees are now deductible from the 2015 – 2016 financial year. If you would like more information, or looking to establish a new business, please contact us today.