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Small business entity concessions
Small businesses with an annual turnover of 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.
To qualify, you'll need to check whether your business is a 'small business entity' for the year in question. In general, to meet this requirement:
If you are not 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), and the FBT car parking exemption (if your total ordinary income plus statutory income is less than $10 million).
Follow the links below to find out more about each of the concessions and check your specific eligibility. Remember to check whether you are eligible each tax year.
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