Small business concessions

The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay. 

This depends on their business structure, their industry and their aggregated annual turnover.

For example, small business owners who have an aggregated annual turnover of less than:

• $2 million can access the small business CGT concessions;

• $5 million can access the small business income tax offset; and

• $10 million can access the small business restructure roll-over.

The ATO expects small business owners to check their eligibility each year before they apply for any of these concessions.

Furthermore, taxpayers generally need to keep records for five years to prove any claims they make. 

The available concessions (not only limited to the above examples) can be very beneficial to small business owners when applied correctly, and we encourage clients to contact our office should you wish to discuss this area further in regards to your particular circumstances.