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.