Small Business Entity Concessions

Small Business Entity Concessions

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
    • Rollover

Goods And Services Tax (GST)

    • Cash accounting
    • Instalments
    • Annual private apportionment

PAYG) Instalment Concessions

    • Gross domestic product (GDP)–adjusted PAYG and GST instalment amounts
    • PAYG instalments payment option choice.