• Small business entity concessions

    Small businesses can access a range of concessions including payment and reporting options. This applies to sole traders, partnerships, companies or trusts.

    To qualify for these concessions, you'll need to confirm your business is a 'small business entity' for the year. In general, your aggregated turnover must be less than $2 million.

    Your aggregated turnover is your gross income or proceeds (rather than your net profit) for an income year. When working this out:

    • include the annual turnover of any entity you are connected with or that is an affiliate of yours at any time during that income year
    • exclude any goods and services tax (GST) amounts you have charged on your sales.

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    Last modified: 04 Oct 2016QC 22648