Concessions for small business entities

This publication is current for 2007-08 and later income years and incorporates changes up to June 2011.

About this guide

If you operate a business as a sole trader, partnership, company or trust, you can use this guide to find out more about the small business concessions for:

• capital gains tax (CGT)
• income tax
• goods and services tax (GST)
• pay as you go instalments (PAYG instalments)
• fringe benefits tax (FBT).

You may be eligible to choose from the following concessions:

• small business tax break (2008-09 to 2010-11 income years inclusive)
• choice to account for GST on a cash basis
• choice to pay GST by instalments
• annual apportionment of GST input tax credits
• simplified trading stock rules
• simplified depreciation rules
• entrepreneurs tax offset
• CGT 15-year asset exemption
• CGT 50% active asset reduction
• CGT retirement exemption
• CGT rollover provisions
• PAYG instalments based on gross domestic product (GDP)-adjusted notional tax
• two-year period for amending assessments (exceptions may apply)
• immediate deductions for certain prepaid business expenses
• FBT car parking exemption (applies from 1 April 2007).

Throughout this guide you will find important notes that help you with key information you should note - look for the symbol.

You will also find 'more information' boxes that show further steps you may need to take or extra information you may need to refer to - look for the symbol.

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