• Small business entity concessions

    Small businesses have access to a range of tax concessions. This applies to sole traders, partnerships, companies or trusts.

    To qualify for these concessions, you'll need to check whether your business is a 'small business entity' for the year in question.

    In general, to meet this requirement, 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 you need to:

    • 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.

    You must review your eligibility each year.

    If you don't qualify as a small business in an income year, you may still be eligible for the CGT concessions if you have net assets of $6 million or less. You may also be eligible for the Fringe Benefits Tax car parking exemption if your total ordinary income plus statutory income is less than $10 million.

    Follow the links below for more information about each of the concessions and check your specific eligibility.

    See also:

  • Last modified: 15 Dec 2015QC 22648