Small business can access many tax concessions. A business body can be:
- Company or
The total turnover of business should be less than aggregate $ 2 million throughout financial year. The benefits can include
Simplified Depreciation rules:
- In simplified depreciation rule, small businesses can immediately write off their assets valued at less than $20,000.
Simplified trading stock rules:
- In small business, they got the benefit that if there existing stock value doesn’t go up or down by more than $ 5000, then they can have the facility not to do stock take at the end of year instead of that they can add same stock value as at the start of year.
Car parking and FBT Exemption:
- Small businesses are exempted car parking benefits if providing for their employees but certain conditions apply.
- Business should have less than 10 million turnovers in last financial year before the relevant FBT year.
- Should not public listed company and government body.
GST choice on a cash basis:
- For eligible businesses they are only responsible to calculate GST once payment received (Cash basis accounting)
- In small business situation, they are eligible for concession Pay-as-you-go where they can pay quarterly instalments that would worked out as most recently paid tax.
If the business type is included in Simplified Tax System, which is intended for small business concessions can claim concessions if business gather the eligibility criteria.
GET FREE Tax Refund estimate and Option of getting refund in 1 Hour, prior year Tax returns are also available, Just fill in your basic details on our website at www.taxrefundonspot.com.au or by emailing us on firstname.lastname@example.org we will check your employment history from ATO records, personal visit available at tax refund on spot.
We also have our separate department for Home loan, refinancing, car & truck loan.