Tax Concessions for Small Business

Small Business Tax Concessions

Small business taxpayers have access to a range of tax concessions. Some of the recent concessions available are:

•instant write-off for assets costing less than $20,000 each
•immediate deduction of professional expenses for small business start-ups
•tax discount of 5% up to $1,000 for unincorporated small businesses
•1.5% small business company tax cut
•no fringe benefits tax for providing multiple electronic devices to employees
•no income tax liability for asset roll-overs when a small business is restructured
•accelerated depreciation for primary producers.

To qualify for the first six concessions businesses must have a total turnover of less than $2 million for the year they use the concession or the year before that. However, all primary producers can access accelerated depreciation regardless of turnover.

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As usual if you require any clarification on any tax issues, please contact A Grade Tax Penrith.

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