Small businesses with an annual turnover less than $2 million may be able to access a range of tax concessions. This applies whether you operate your business as a sole trader, partnership, company or trust. You should work out if you are a small business for an income year and what concessions you may be eligible for. You must also review your eligibility each year.
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Tax concessions for small business_ Tax basics for small business
Income tax concessions
higher instant asset write-off provisions
simplified trading stock rules and simplified depreciation rules
immediate deductions for prepaid expenses
two-year amendment period.
Capital gains tax (CGT) concessions
CGT 15-year exemption
CGT 50% active asset reduction
CGT retirement exemption
Goods and services tax (GST) concessions
GST cash accounting
GST and annual private apportionment.
Pay as you go (PAYG) instalment concessions
Gross domestic product (GDP)-adjusted PAYG and GST instalment amounts
PAYG instalments payment option choice.
Fringe benefits tax (FBT) concession
This is an exemption from FBT on car parking benefits.
The tax laws include special provisions to help primary producers. Examples of primary production activities include farming, fishing and aquaculture.
Income averaging for special professionals
If you are in a special professional that has very changeable income over several years, such as an artist or inventor, in certain circumstances you may be eligible to average your income over a number of years:
Research and development (R&D) tax concessions
If you operate a company and you incur R&D expenses, you may be eligible to claim a tax offset or a tax deduction to reduce your assessable income. The concession includes increased deduction rates.