As part of the 2015 Budget, small business company tax will fall from 30 per cent to 28.5 per cent.
That won't come into play until next financial year.
John Corias, Senior Partner at MAS Accounts says, what SMEs can do right now, is take advantage of a 100 per cent tax write-off, of any purchase made under $20,000
"There is a real incentive to buy things now, prior to the 30th of June, because you'll get an effective saving of 30 per cent, which is $6,000."
Small businesses shouldn't buy things for the sake of buying things, he added.
"Basically what you get to do is accelerate depreciation. Remember these assets were depreciable anyway.
"We're getting a lot of interesting questions about what can be purchased. Basically it is anything that is business related and as long as you do that and it is properly documented and you have all your ABNs on the invoices."
However, the ATO has already warned it will be targeting small businesses to see if they're making appropriate claims.
"There is no doubt what the Tax Office will do is spot checks, spot audits on these claims."
For more information and tips, watch Ricardo Goncalves' interview with John Corias here:
