Since 1 July 2007, small businesses with an aggregated turnover of less than $2 million have been called small business entities and have been eligible, subject to conditions, for a range of tax concessions.
Eligible businesses can choose to use the concessions that suit their business, although they may have to satisfy additional conditions. They have to check whether they qualify for the concessions each tax year.
Eligible businesses can choose to use the following concessions:
- Small business tax break
- Capital gains tax (CGT) 15 year asset exemption
- CGT 50 per cent active asset reduction
- CGT retirement exemption
- CGT roll-over
- Simpler depreciation rules
- Simpler trading stock rules
- Immediate deduction for certain prepaid business expenses
- Entrepreneurs’ tax offset (ETO)
- Accounting for goods and services tax (GST) on a cash basis
- Annual apportionment of GST input tax credits
- Paying GST by instalments
- Fringe benefits tax (FBT) car parking exemption
- Pay as you go (PAYG) instalments based on gross domestic product (GDP) amount option
Contact the team at South East Access for further details:
Phone: (02) 4454 4444
Office hours are 8:30 am to 5:30 pm
