SMALL BUSINESS CONCESSIONS

Hello Chasers,

The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.  

This depends on their business structure, their industry and their aggregated annual turnover.

For example, small business owners who have an aggregated annual turnover of less than:

$2 million can access the small business CGT concessions;

$5 million can access the small business income tax offset; and

$10 million can access the small business restructure roll-over.

The ATO expects small business owners to check their eligibility each year before they apply for any of these concessions.

Furthermore, taxpayers generally need to keep records for five years to prove any claims they make.  

NOTE: We are always on the look-out for what tax concessions may be of use to our clients based on their individual circumstances.  These small business concessions in particular, can be very beneficial when applicable.  

If you are looking to sell your business soon, please make sure you contact our office on 03-55612643 to discuss how we can help you save tax with our special Capital Gains Tax Planning service.

Have a great day!

Read more of our daily blogs for valuable insights and stay up-to-date with the latest industry news – click here to access the full article on our blog page.

Share This

Related Posts

Featured
4 Min Read

Changes In Reporting Requirements for Sporting Clubs

Hello Chasers, If you are part of the community sporting clubs such as cricket clubs, horse riding associations, and even pigeon racing enthusiasts, there’s some important news on the tax front that you need to know.…
Read Full Article
Featured
4 Min Read

Tax Deductions Denied

Hello Chasers, Imagine you’re trying to impress the tax man during an audit with your work expense reports. You tell them you used the office car for meetings, bought fancy gifts for clients, and even donated…
Read Full Article