Is Your Small Business Eligible for ATO Concessions?

As a small business owner, you may be eligible for concessions on the amount of tax you pay. This depends on your business structure, your industry and your annual turnover.

If you have an aggregated turnover less than:

• $2 million, you can access the small business CGT concessions. Though you must also meet the maximum value asset test where your aggregated assets must not exceed $6 million to be eligible for this concession.
• $5 million, you can access the small business income tax offset.
• $10 million, you can access the small business restructure roll-over.

Check your eligibility each year before you apply for a concession.

You’ll generally need to keep records for 5 years to prove any claims you make. You can choose how you keep these records, but you may find electronic record keeping easier and more convenient.

If you have any questions regarding ATO Concession, don’t hesitate to get in contact with us at STS Accounting.