Is Your Business Eligible for Concessions?
As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover.
If you have an aggregated turnover less than:
- $2 million, you can access the small business CGT concessions.
- $5 million, you can access the small business income tax offset.
- $10 million, you can access the small business restructure roll-over.
Check your eligibility each year before you apply for a concession.
You’ll generally need to keep records for 5 years to prove any claims you make. You can choose how you keep these records, but you may find electronic record keeping easier and more convenient.
Are you a sole trader?
Use the ATO app to manage tax and super, and use the myDeductions tool to record expenses as they happen.
Visit the ATO’s website for more information on concessions you may be eligible for.
Remember, your tax or BAS agent can help you with your tax.
Source: ATO
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