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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Small businesses have access to a range of tax concessions. You are a small business entity if your aggregated turnover is less than $2million. This includes the annual turnover of any other entity you are connected with, but does not include GST charged on purchases.