Tax Breaks & Concessions for Small Business
Eligible small business entities can access a number of tax concessions, including on:
- Capital Gains Tax (CGT)
- Income tax
- Goods and Services Tax (GST)
- Pay As You Go (PAYG) instalments
- Fringe Benefits Tax (FBT).
To be eligible you must meet the following conditions:
- you are an individual, partnership, company or trust
- you are running a business
- you have an aggregated turnover of less than $10 million.
You'll need to check if you qualify for the concessions each tax year. Additional conditions may apply to certain concessions.
Find out what's new on tax concessions for your business.
The benefits of the concessions include:
- a choice to account for GST on a cash basis
- simplified trading stock rules
- simpler depreciation rules
- immediate deductions for certain prepaid business expenses.
Some of the small business concessions were previously available under the Simplified Tax System (STS). If you were in the STS you can continue to use the concessions if you meet the eligibility requirements.
Who do I talk to about my tax concessions?
- Find out more about the Small business entity concessions and if you are eligible.
- Contact the Australian Taxation Office (ATO) on 13 28 66.