Your 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.
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. Over the coming months, we will highlight key information about these recent concessions through our newsletter. Stay up to date to find out which concessions your small business clients are eligible for and when they start. The Australian Tax Office has recently featured the concessions on no income tax liability for asset roll-overs when a small business is restructured.