Small Business Entity Concessions
There are several concessions available to small business entities. Small business entities are businesses with aggregated turnover of less than $2 million. Aggregated turnover includes the annual turnover of your business and any connected or affiliated businesses.
These concessions include:
- Being able to claim expenses prepaid for up to 13 months of service. Prepaying expenses such as rent, IT monthly maintenance charges or accounting fees before 30 June (subject to available cash flow) will increase your allowable deductions for this financial year.
- Claim a deduction for the full cost of assets up to $20,000.
A 5% tax discount will be introduced for individual taxpayers with business income from an unincorporated small business.