Small business tax concessions

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small business accounting services noosaSMALL BUSINESS ACCOUNTING SERVICES NOOSA. 

There have been recent changes to the definition of a small business entity.

From 1 July 2016 a small business entity is a sole trader, partnership, company or trust that carries on a business (for at least part of the financial year) and has aggregated annual turnover less than $10 million.  Prior to 1 July 2016 the turnover threshold was $2 million.

If you qualify as a small business entity, there are a range of tax concessions that can potentially apply to your business.  The main concessions are as follows:

  • Simpler (and possibly accelerated) depreciation rules
  • Immediate write off for assets costing less than $20,000 (up to 30 June 2018)
  • Reduction in company tax rate to 27.5% (if operating through a company)
  • Tax relief for business restructures (in certain situations)
  • Simplified trading stock rules
  • Two year amendment period (for most small businesses)
  • Ability to claim for prepaid expenses (in certain situations)
  • Simplified GST accounting and reporting on Business Activity Statements
  • FBT concessions for certain eligible items
  • Ability to use the free ATO clearing house for employee superannuation contributions

More information : If you would like to discuss these small business tax concessions further please contact your Stratogen accountant for advice.

More small business accounting tips & information

Small Business Accounting & Advisory Services

Stratogen consists of a team of expert small business accountants and tax advisors dedicated to providing you with the highest quality of taxation, accounting and financial management services.

Additional business services include tax minimisation structuring, business valuations and due diligence, business restructuring and audits.  We also provide professional bankruptcy and insolvency advice to Accountants, Financial and Legal Advisers, Corporations and Individuals. Our primary goal is to ensure all parties are treated with respect.

Our head office is located in Noosa and we service private clients, businesses and corporations throughout Queensland’s Sunshine Coast region and Mount Isa.

Call (07) 5474 0711  Email Us  Make an Enquiry

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