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.
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.