21st July 2021 | Tax
Small business tax concessions are available for small businesses with annual turnover up to $10 million have been extended to businesses with a turnover of up to $50 million.
These firms will have access to up to 10 small business tax concessions, including deductions of certain start-up and prepaid expenses. Exemptions from the 47% FBT tax on car parking and multiple work-related portable electronic devices, such as phones or laptops. If you are unsure of what you can claim, you can contact us at Ax3 or go to the ATO government website.
You must review your eligibility each year to check if you are able or required to use a particular concession. Firstly, ‘check if you are a small entity’ in an income year.
From 1 July 2021 – businesses that are not small businesses because their turnover is $10 million or more but less than $50 million may also be eligible to access these small business tax concessions:
- simplified trading stock rules
- PAYG instalments concession
- a two-year amendment period
- excise concession.
To find out more on the Fringe benefits tax – rates and threshold you can go to the ATO website
Contact us at Ax3 to get the most benefit for your Tax deductions. you can contact us at Ax3