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  • Concessions

    There are a number of concessions available to businesses. They all have different eligibility requirements that can change from year to year, so you need to check your eligibility each year before applying the concession.

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    Small business concessions

    If you're an eligible small business you can access a range of concessions including payment and reporting options. This applies to sole traders, partnerships, companies or trusts.

    There are varying eligibility requirements for the different concessions, so you need to check you are eligible each year before you apply a small business concession.

    See also:

    Primary producer concessions

    If you are a primary producer special tax concessions may affect which amounts you need to include in your assessable income each year. These concessions also affect when you have to pay your income tax, as you may be able to make two pay as you go (PAYG) instalments each year, instead of four.

    To use the special concessions for primary producers you must meet our definition of running a business of primary production, which considers the size or scale of your business and its profitability.

    Primary producers operating as an individual or in partnership can also benefit from exceptions to the non-commercial losses rules, which would otherwise restrict you from offsetting losses for a non-commercial business activity against your other assessable income. Those restrictions don’t apply if your income from other sources (excluding net capital gains) is less than $40,000.

    See also:

    Special professionals, sportspersons and entertainers concessions

    Some special professionals, sportspersons and entertainers qualify for income averaging, which may allow you to pay a lower tax rate in years where you earn above-average income.

    You may qualify for income averaging if you are:

    • an artist
    • an author
    • a composer
    • an inventor
    • a performing artist
    • a production associate
    • a sportsperson.

    You may also be able to make two PAYG instalments each year instead of four. We will send you a letter if you are eligible for this option.

    See also:

    Last modified: 20 Nov 2017QC 44452