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
