Toggle left hand content menu
  • Small business entity concessions

    Small businesses with an annual turnover less than $2 million may be able to access a range of tax concessions. This applies whether you operate your business as a sole trader, partnership, company or trust.

    Eligibility

    You need to work out whether your business is eligible for the concessions generally. Then you can choose one or more of the tax concessions that suit your business and check your specific eligibility. You should also check whether you are eligible each tax year.

    Income tax concessions

    Check whether you are eligible for the following income tax concessions, simplified trading stock rules, simplified depreciation rules, immediate deductions for prepaid expenses and a two-year amendment period.

    Capital gains tax (CGT) concessions

    Check whether you are eligible for the following capital gains tax (CGT) concessions: 15-year exemption, 50% active asset reduction, retirement exemption and rollover.

    Excise concession

    Check whether you are eligible to report and pay excise monthly rather than weekly.

    Goods and services tax (GST) concessions

    Check whether you are eligible for the following goods and services tax (GST) concessions: cash accounting, instalments and annual private apportionment.

    Pay as you go (PAYG) instalment concessions

    Check whether you are eligible for the following pay as you go (PAYG) instalment concessions: gross domestic product (GDP)–adjusted PAYG and GST instalment amounts, and PAYG instalments payment option choice.

    Fringe benefits tax (FBT) concession

    Check whether you are eligible for an exemption from FBT on car parking benefits.

  • Last modified: 30 Sep 2014QC 22648