Does your business satisfy these two criteria?

• Annual aggregated turnover in prior year or current year is less than $10 million
• Annual aggregated turnover in current year is less than $25 million

If so, there are a number of concessions that your small business may be entitled to that you may not be aware of. Read on …

EXPANDED ACCESS TO SMALL BUSINESS ENTITY CONCESSIONS

The Small Business Entity (SBE) aggregated turnover eligibility requirement has increased from $2m to $10m with effect from 1 July 2016. Essentially what this means is if your business’ aggregated turnover is less than $10m you are eligible to access a range of small business concession such as an immediate deduction for depreciable assets costing less than $20,000.

Note however, whilst this increase in threshold provides access to most SBE concessions, it does not apply to the following:

• Small Business Capital Gains Tax (CGT) concessions (aggregate turnover threshold for this concession remains at $2m)
• The Small Business Income Tax Offset aka the Unincorporated Small Business Tax Discount (aggregate turnover threshold is $5m)

REDUCED COMPANY TAX RATES

Is your business aggregate turnover between $10m and $25m? Well you are in luck!