58 Klingner Rd, Redcliffe QLD 4020
(07) 3883 8999

Concessions For Your Small Business

Concessions For Your Small Business

We’re here to provide you with information to help you identify concessions you might be eligible for.

There are many types of concessions available. The ones you can qualify for will depend on factors such as your company structure, the industry you’re in and your annual turnover. There’s lots to know about small business concessions; but to give you an example, you could be eligible to claim:

  • some of the costs of setting up a new business, for example, professional services including legal and accounting and any government fees and charges you’ve paid
  • an immediate deduction for prepaid expenses, such as your business premise lease or advertising expenses, where the payment covers a period of 12 months or less that ends in the next income year
  • fringe benefits tax exemptions for work-related devices such as laptops and phones you provide to staff
  • accelerated depreciation of some business assets used in primary production, such as water facilities and fencing.

Capital Gains Tax (CGT) concessions allow eligible small businesses to reduce, defer or even disregard some or all capital gains from an active business asset. There are 4 kinds of CGT concessions you may be able to claim if you meet the eligibility requirements.

You’ll need to keep proof in paper or electronic form for claims you make. The document format is up to you, but you may find electronic record keeping simpler and more convenient. You’ll generally need to keep documentation for 5 years.

Remember, registered tax agents can help you with your tax.

Source: ATO

Welcome to Accountplan, proudly assisting the community in Redcliffe and surrounds for almost 40yrs with:

– an experienced team of Accountants providing Tax & Business Advisory services
– Bookkeepers to help you with BAS, IAS & Payroll
– Financial Planning advice around Wealth Creation, Super & Aged Care Strategies
– Mortgage Broking services for Home Loans, Investment Loans, Business and even Vehicle Finance

While you’re here why not check out our site and see what we might be able to help you with…………


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