Small businesses can access a range of concessions including payment and reporting options. This applies to sole traders, partnerships, companies or trusts.
To qualify for these concessions, you’ll need to determine if your business is a ‘small business entity’ for the income year. You must review your eligibility each year.
From 1 July 2016, you are a small business entity if you are a sole trader, partnership, company or trust that:
- operates a business for all or part of the income year, and
- has an aggregated turnover less than $10 million (the turnover threshold)
From 1 April 2017, the turnover threshold for fringe benefits tax (FBT) concessions increased to $10 million.
The $10 million turnover threshold applies to most concessions, except for:
- the small business income tax offset, which has a $5 million turnover threshold
- the capital gains tax (CGT) concessions, which continue to have a $2 million turnover threshold
For previous income years, you are a small business if your turnover is less than $2 million.Visit WebsiteSave For Later