Small business can claim:

• Small Business companies are taxed at lower corporate rate of 27.5% from 2016/2017. The aggregated turnover threshold for the lower tax rate is $10m in 2016/2017, $25m for 2017/2018, and $50m for 2018/2019. A lower rate of tax only applies if the company has less than 20% of assessable income from passive sources.
• The lower tax rate for base rate entities has been moved forward to 26% for 2020/21 and 25% for 2021/2022 onwards.
• Individual taxpayers with business income from an unincorporated business that has an aggregated turnover of less than $5m will receive an 8% tax discount from the 2016/17 income year. This will increase to 13% for 2020/21 and 16% for 2021/222.
• Prepayments made by small business entities are entitled to claim concessional treatment.
• An immediate write-off is available for assets costing less than $20,000.00 first used or installed ready for use between 7:30 pm on 12^th May 2015 and 28^th January 2019. From 29^th January 2019 to 2 April 2019(7:30 pm AEDT) the threshold for immediate deduction is $ 25,000.00. From 2^nd April 2019 (7:30 pm AEDT) threshold is $ 30,000.00. Due to Covid-19, Govt has increased the threshold to $ 150,000.00 for turnover less than $ 500m (up from $50m) till June 2020. Temporary full expensing is available till 30^th June 2023 ( turnover less than $ 5billon).
• Small business entities with a trading stock of less than $ 5,000 need not bring their stock to account and any change in the value of trading stock need not be brought to account until the change exceeds $5,000.00
• CGT may not be payable by small businesses on capital gains from assets held for at least 15 years
• Small business entities and non-business entities with GST turnover not exceeding $2m can elect to lodge returns annually and pay GST by quarterly installments.
• Car Parking provided to small business employees may be exempt from FBT.

 Noble Tax  Group is here to ensure that we can do better for your business by adjusting to the changes in the business landscape with tax-saving tips, advice, amendments, and more. We do our best to get to know your business so we can make sure we include all the offsets and deductions you deserve.

Having 12 years of experience in accounting, taxation, and business services, we are on top of every tax change that can shape your small businesses. You can relax in the knowledge that you have the best team behind your business.

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