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Tax concessions based on your business’s aggregated turnover

Tax Concessions at a glance: if you are a business, use this table to find out what concessions you can access based on your aggregated turnover. When we say ‘turnover’, we mean ‘aggregated turnover’.

The concessions have various start dates beginning from 1 July 2016.

Business concessions

Deductions
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million Turnover $50 million to less than $500 million Turnover $500 million to less than $5 billion
Simplified depreciation rules – instant asset write-off Yes Yes Yes Yes Yes No
Backing business investment – accelerated depreciation Yes Yes Yes Yes Yes No
Temporary full expensing Yes Yes Yes Yes Yes Yes
Accelerated depreciation for primary producers Yes Yes Yes Yes Yes No
Deductions for professional expenses for start-ups Yes Yes Yes Yes No No
Immediate deductions for prepaid expenses Yes Yes Yes Yes No No
Calculating and paying income tax
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million
Lower company tax rate changes Yes Yes Yes Yes
Increased small business income tax offset Yes Yes No No
PAYG instalments concession Yes Yes Yes Yes (from 1 July 2021)
Simplified record keeping
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million
Simplified trading stock rules Yes Yes Yes Yes (for income years starting on or after 1 July 2021)
Two-year amendment period Yes Yes Yes Yes (for income years starting on or after 1 July 2021)
GST, BAS and excise
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million
Simpler BAS Yes Yes Yes No
Accounting for GST on a cash basis Yes Yes Yes No
Annual apportionment of GST input tax credits Yes Yes Yes No
Paying GST by instalments Yes Yes Yes No
Excise concession Yes Yes Yes Yes (from 1 July 2021)
Capital gains tax (CGT)
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million
Small business restructure rollover Yes Yes Yes No
CGT 15-year asset exemption Yes No No No
CGT 50% active asset reduction Yes No No No
CGT retirement exemption Yes No No No
CGT rollover Yes No No No
Contributions of small business CGT concession amounts to your super fund Yes No No No
Fringe benefits tax (FBT)
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million
FBT car parking exemption Yes Yes Yes Yes (from 1 April 2021)
FBT work-related devices exemption Yes Yes Yes Yes (from 1 April 2021)
Superannuation
Concession Turnover less than $2 million Turnover $2 million to less than $5 million Turnover $5 million to less than $10 million Turnover $10 million to less than $50 million
Superannuation clearing house Yes Yes Yes No
Contributions of small business CGT concession amounts to your super fund Yes No No No

 

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