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.
You need to work out whether your business is eligible for the concessions generally. Then you can choose one or more of the tax concessions that suit your business and check your specific eligibility. You should also check whether you are eligible each tax year.
Check whether you are eligible for the following income tax concessions:
o simplified trading stock rules
o simplified depreciation rules (including an accelerated deduction for motor vehicles)
o immediate deductions for prepaid expenses
o two-year amendment period.
Capital gains tax (CGT) concessions
Check whether you are eligible for the following capital gains tax (CGT) concessions:
o 15-year exemption
o 50% active asset reduction
o retirement exemption
o rollover.
Check whether you are eligible to report and pay excise monthly rather than weekly.
Goods and services tax (GST) concessions
Check whether you are eligible for the following goods and services tax (GST) concessions:
o cash accounting
o instalments
o annual private apportionment.
Pay as you go (PAYG) instalment concessions
Check whether you are eligible for the following pay as you go (PAYG) instalment concessions:
o gross domestic product (GDP)–adjusted PAYG and GST instalment amounts
o PAYG instalments payment option choice.
Fringe benefits tax (FBT) concession
Check whether you are eligible for an exemption from FBT on car parking benefits.
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