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Chartered Accountants

Small Business Accounting & Tax Concessions


If you are a small business there a number of tax concessions and advantages which you will be able to use to your benefit. There are conditions to be met however.

A small business satisfies the eligibility criteria being you carry on a business and your business turnover (aggregated turnover) is less than $2 million. To satisfy the turnover test the following must be met.

Aggregate Turnover

  • was less than $2 million in the previous income year
  • is estimated to be less than $2 million for the current year (provided that your aggregated turnover was less than $2 million for one of the two previous income years), or
  • is actually less than $2  million at the end of the current year.

Aggregated turnover is your annual turnover plus the annual turnovers of any business entities you are connected with or are your affiliate. These are referred to as relevant business entities.
 

Concessions Available

Income tax concessions

Simplified trading stock rules

 
If the value of trading stock has not increased or decreased by more than $5,000 over the year, it is up to the small business owner do an end-of-year stocktake

Simplified depreciation rules


Small business can generally pool  assets to make depreciation calculations easier and also claim an immediate deduction for most assets costing less than $1,000 each.
 

Immediate deductions for prepaid expenses


There is an immediate deduction for prepaid expenses where the payment covers a period of 12 months or less that ends in the next income year.

Small business and general business tax break


You can claim an additional tax deduction when your business bought eligible assets, and when you spent money to improve eligible assets, subject to certain time limits and thresholds.

Two-year amendment period


Small business generally have a two-year time limit (from the day that the Commissioner issued your notice of assessment) for reviewing an assessment.

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accountant, accounting firms, business accounting, accounting business, financial accounting, tax accountant, tax accountants, small business accountants, small business accountant, small business accounting, accountants, tax returns, cpa, tax agent, chartered accountants, accounting firm, accounting services

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