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.
There are many concessions available so please check with or office regarding any of the below concessions:
Income Tax Concessions
- Simplified trading stock rules
- Simplified depreciation rules (including an accelerated deduction for motor vehicles)
- Immediate deductions for prepaid expenses
- Two-year amendment period.
Capital Gains Tax (CGT) Concessions
- 15-year exemption
- 50% active asset reduction
- Retirement exemption
Goods And Services Tax (GST)
- Cash accounting
- Annual private apportionment
PAYG) Instalment Concessions
- Gross domestic product (GDP)–adjusted PAYG and GST instalment amounts
- PAYG instalments payment option choice.