Small business tax concessions

Businesses that satisfy a turnover threshold may qualify as a small business entity. 

The advantages of being a small business entity include access to a range of tax concessions including:

• lower tax rates

• capital allowance concessions

• trading stock concessions, and

• FBT and GST concessions. 
  

Generally, your business would qualify as a “small business entity” if you have, or is likely to have, an aggregated turnover in the current income year of less than $10m. It may also apply if you’ve had an aggregated turnover in the previous income year of less than $10m. 

If you would like to discuss how the small business entity concessions may apply to your business, please contact our office.