Small Business Concessions

Small business entities are entitled to a number of tax concessions which can be accessed based on the taxpayer’s turnover, application dates and additional eligibility requirements.

For tax purposes, you are classified as a small business entity if you:

  • operate a business for all or part of the income year
  • have less than $10 million aggregated turnover


The $10 million turnover threshold applies to most concessions, except for:

  • the small business income tax offset, which has a $5 million turnover threshold
  • the capital gains tax (CGT) concessions, which have a $2 million turnover threshold.


The small business concessions include:

  • Lower tax rates
  • Simplified depreciation rules – instant asset write-off threshold increase from $20,000 to $30,000
  • Immediate deductions for professional expenses for start-ups
  • Small business restructure rollover
  • Simplified trading stock rules
  • Immediate deduction for prepaid expenses
  • CGT concessions
  • Contributions of small business CGT concession amounts to your super fund
  • Two-year amendment period
  • FBT parking concession
  • GST on cash basis


If you are a small business or thinking of starting a business, we can assist in maximising the tax benefits from the available concessions.

Talk to us to find out more

Call +61 3 9988 1900 or fill in the form below

Why choose TF Partners?

TF Partners is constantly evolving and developing alongside our clients, to provide a holistic range of services including Accounting, Business Advisory, Wealth Management and Finance. With our depth of expertise, we provide our breadth of services to a diverse range of clients across an array of industry sectors.