The ATO has recently reminded small businesses of the expanded tax concessions potentially available to them, as outlined below:
Finally, the ATO has reminded taxpayers that more businesses are now eligible for most small business tax concessions.
Specifically, from 1 July 2016, a range of small business tax concessions became available to all businesses with an aggregated turnover of less than $10 million (i.e., the turnover threshold). Previously the turnover threshold was less than $2 million. The $10 million turnover threshold applies to most concessions, except for:
Note: The relevant turnover threshold for accessing the lower company tax rate is $50 million from the 2019 income year (increased from $25 million in the 2018 income year).
The material and contents provided in this publication are informative in nature only. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, professional advice should be obtained.