14 September 2020
Check if you're eligible for any of these concessions in your tax return:
If you run a business with a turnover less than $5 million as a sole trader, partnership or trust, you can reduce your tax bill by up to $1,000.
This is different from the low and middle income tax offset, which you may also be eligible for.
Simply 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.
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 income.
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, accelerated depreciation and concessions for start-up expenses allow you to do this.
Remember, registered tax agents and BAS agents can help you with your tax.
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