Here is a list of small business tax concessions that may be available to you. Get in touch with avance to find out which concessions you can tap into.

Income tax

• • Lower company tax rate – 27% for 2019-20 and 26% for 2020-21
  • Small business income tax offset – 8% rate for 2019-20 and 13% rate for 2020-21
  • PAYG instalment concession

Deductions

• • Simplified depreciation rules – instant asset write-off
  • Accelerated depreciation for primary producers
  • Deductions for professional expenses for start-ups
  • Immediate deductions for prepaid expenses

Simplified Record-Keeping

• • Simplified trading stock rules
  • Two-year amendment period

GST, BAS, and Excise

• • Simpler BAS
  • Accounting for GST on a cash basis
  • Annual apportionment of GST input tax credits
  • Paying GST by instalments
  • Excise concession

Capital Gains Tax (CGT)

• • Small business restructure rollover
  • CGT 15-year asset exemption
  • CGT 50% active asset reduction
  • CGT Retirement exemption
  • CGT Rollover
  • Contributions of small business CGT concession amounts to your super fund

Fringe Benefits Tax (FBT)

• • FBT car parking exemption
  • FBT work-related devices exemption

Superannuation

• • Superannuation clearing house
  • Contributions of small business CGT concession amounts to your super fund