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.
All small business clients have access to a range of tax concessions. Some of the 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
If you have any questions or would like to make an appointment to discuss your circumstances please do not hesitate to contact Carolyn Peters.