Small business entity concessions may be available for small businesses with an annual turnover less than $10 million. Whether you operate your business as a sole trader, partnership, company or trust, you can choose one or more of the tax concessions that suit your business. Eligibility should be checked annually.
There are a number of concessions available for small businesses:
- Income Tax Concessions – including simplified trading stock rules, simplified depreciation rules and immediate deductions for prepaid expenses
- Capital Gains Tax (CGT) Concessions – being the 15 year asset exemption, 50% active asset reduction, CGT retirement exemption and CGT rollover
- Excise Concession
- Goods and Services Tax (GST) Concessions
- Pay As You Go (PAYG) Instalment Concessions
- Fringe Benefits Tax (FBT) Concession
Please contact one of the friendly staff at Ellco Group to assist you in your business and make the most of these small business entity concessions available.