Here is a list of small business tax concessions that may be available to you.
Tip! Speak to your tax adviser to find out which concessions you can tap into.
Income tax
- Lower company tax rate – 27% for 2019-20 and 26% for 2020-21
- Small business income tax offset – 8% rate for 2019-20 and 13% rate for 2020-21
- PAYG instalment concession
Deductions
- Simplified depreciation rules – instant asset write-off
- Accelerated depreciation for primary producers
- Deductions for professional expenses for start-ups
- Immediate deductions for prepaid expenses
Simplified record-keeping
- Simplified trading stock rules
- Two-year amendment period
GST, BAS and excise
- Simpler BAS
- Accounting for GST on a cash basis
- Annual apportionment of GST input tax credits
- Paying GST by instalments
- Excise concession
Capital gains tax (CGT)
- Small business restructure rollover
- CGT 15-year asset exemption
- CGT 50% active asset reduction
- CGT Retirement exemption
- CGT Rollover
- Contributions of small business CGT concession amounts to your super fund
Fringe benefits tax (FBT)
- FBT car parking exemption
- FBT work-related devices exemption
Superannuation
- Superannuation clearing house
- Contributions of small business CGT concession amounts to your super fund.