Concessions for small business entities

You are a small business if you are an individual, partnership, company or trust that:

• carries on a business for all or part of the income year, and  
• has less than $2 million aggregated turnover.  

If you operate a small business as a sole trader, partnership, company or trust, you may be eligible to choose from the following concessions:

• small business tax break (2008-09 to 2010-11 income years inclusive)  
• choice to account for GST on a cash basis  
• choice to pay GST by instalments  
• annual apportionment of GST input tax credits  
• simplified trading stock rules  
• simplified depreciation rules  
• entrepreneurs' tax offset  
• Capital Gains Tax 15-year asset exemption  
• Capital Gains Tax 50% active asset reduction    
• Capital Gains Tax retirement exemption  
• Capital Gains Tax rollover provisions  
• PAYG instalments based on GDP-adjusted notional tax  
• two year period for amending assessments (exceptions may apply)  
• immediate deductions for certain prepaid business expenses  
• FBT car parking exemption (applies from 1 April 2007).  

To find out more about the small business concessions, call us on 03 9763 8989.