The ATO has prepared a table that is available on their website which sets out at a glance all the tax concessions that may be available to small businesses. These include:

  • simplified depreciation rules (eg the instant asset write-off, accelerated depreciation for primary producers);
  • eligibility for the lower company tax rate;
  • PAYG instalment concessions;
  • simplified trading stock rules;
  • simpler BAS;
  • accounting for GST on a cash basis; and
  • the various small business CGT concessions.

Your tax agent or adviser will be able to assist you to work out which of these concessions your small business may be entitled to.

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