16 September 2019
Check if you're eligible to use any of these concessions in your 2019 tax return:
Small business income tax offset
This offset can reduce your tax bill by up to $1,000 if you run a business as a sole trader, partnership or trust, and it has a turnover less than $5 million. This is separate from the low and middle income tax offset, which you may also be eligible for.
Report your net small business income in your individual tax return. We'll then work out the offset amount you're eligible for and include it in your assessment.
Lower company tax rate
If you operate your business as a company, you may be eligible for the lower company tax rate of 27.5%.
Before using this rate, check whether your business is a 'base rate entity'. This depends on your company's aggregated turnover and how much of its income is passive.
There are a range of concessions you can use to deduct expenses in full that you would usually have to deduct over a number of years. For example, the Instant asset write-off and concessions for start-up expenses.
Find out about:
Related news items
Find out what these changes mean for you.
Make the most of your small business deductions this tax time.
Don't forget to claim a deduction for assets that cost less than the threshold.