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From 1 July 2016, a range of small business tax concessions became available to all businesses with a turnover of less than $10 million. Before that, the turnover threshold was $2 million.

The $10 million threshold applies to most concessions, except for:

  • the small business income tax offset, which has a threshold of $5 million (available to individuals)
  • capital gains tax (CGT) concessions, which continue to have a threshold of $2 million.

The threshold for fringe benefits tax (FBT) concessions increased to $10 million from 1 April 2017

> Source: ATO Website