Concessions for small business entities

Simplified depreciation rules

If you are using the simplified depreciation rules, you must:

• immediately write off most depreciating assets costing less than $1,000 each
• pool most other depreciating assets with an effective life of less than 25 years in a general small business pool and claim a 30% deduction for them each year
• pool most other depreciating assets with an effective life of 25 years or more in a long-life small business pool and claim a 5% deduction for them each year
• claim a deduction for most assets you have newly acquired at either 15% or 2.5% in the first year, regardless of when you acquired them during that year.

For more information, see Simplified depreciation rules.

Sections within The small business concessions

• Using income tax concessions
• Small business tax break
• Entrepreneurs tax offset (ETO)
• Simplified depreciation rules
• Prepaid expenses
• Simplified trading stock rules
• Review of assessments
• Simplified tax system (STS) accounting method
• Small business capital gains tax concessions
• Gross domestic product (GDP) adjusted PAYG instalment amounts
• GST cash accounting
• GST and annual private apportionment
• GST instalments
• Fringe benefits tax on car parking