A Not-so-small List of Small Business Concessions

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


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

Some of the Avance Chartered Accountants personnel involved in preparing this webpage may be members of a professional scheme approved under Professional Standards Legislation such that their occupational liability is limited under that Legislation. To the extent that applies, the following disclaimer applies to them. If you have any questions about the applicability of Professional Standards Legislation to Avance's personnel involved in preparing this webpage, please contact our office info@avance.com.au. Liability limited by a scheme approved under Professional Standards.