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
| 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 |
| 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) |
| 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) |
| 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) |
| 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 |
| 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) |
| 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 |
