Small Business Entities
For business entities classified as small business, there are a number of excellent tax concessions that you should be aware of. An entity generally turning over up to two million per annum can be classified as a small business and in turn qualify for certain tax concessions. This applies to sole traders, partnerships, companies or trusts.
- $20,000 instant asset write off still applies until 30/06/2017. – Make sure however the asset is installed and ready for use prior to that date. This asset can be a motor vehicle provided the vehicle is used for business purposes.
- Reduced tax rate. – For companies, this is 28.5% (not 30%) applying from and including the 2016 financial year.
- Reduced audit period – Generally a small business entity will be eligible for a two-year amendment period for tax assessments, (as distinct from 4 years.)
- GST – options to pay instalments quarterly but lodge BAS annually. This can be a good option if you always feel a little behind on your bookkeeping.
This is only some of the many excellent concessions available, I would be delighted to discuss any of these with you.
Feel free to contact us:
Telephone: 07 3394 8216
Email: [email protected]