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  • Tax concessions for small businesses


    1 April 2016

    Did you know there are tax concessions available that can help your small business grow? Find out which ones you can use and when they start so you can benefit.

    Some concessions for small businesses include:

    • instant write-off for each asset costing less than $20,000
    • immediate deduction of professional expenses for starting your business
    • a tax discount of 5% (up to $1,000) for unincorporated small businesses
    • a 1.5% cut to the small business company tax rate
    • no fringe benefits tax for providing multiple electronic devices to employees
    • no income tax liability for asset roll-overs when restructuring your business
    • accelerated depreciation for primary producers.

    You can qualify for the first six concessions if your small business has a total turnover of less than $2 million either in the year you use the concession or the year before that. However, all primary producers can access accelerated depreciation regardless of turnover.

    Stay tuned and we’ll make sure you’re in the know about tax concessions that could apply to you!

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