Small Business Entity Concessions

Small businesses have access to a range of tax concessions. This applies to sole traders, partnerships, companies or trusts.

To qualify for these concessions, you'll need to check whether your business is a 'small business entity' for the year in question.

In general, to meet this requirement, your aggregated turnover must be less than $2 million.

Your aggregated turnover is your gross income or proceeds (rather than your net profit) for an income year. When working this out you need to:

  • Include the annual turnover of any entity you are connected with or that is an affiliate of yours at any time during that income year
  • Exclude any goods and services tax (GST) amounts you have charged on your sales.

You must review your eligibility each year.

If you don't qualify as a small business in an income year, you may still be eligible for the CGT concessions if you have net assets of $6 million or less. You may also be eligible for the Fringe Benefits Tax car parking exemption if your total ordinary income plus statutory income is less than $10 million.

Cristy Houghton

Embarketing, 48 Johnston Street, Wagga Wagga, NSW, 2650

Cristy's unique career has taken her from country NSW to the city lights of Clarendon Street South Melbourne and back again. With an early career in radio as a copywriter and creative strategist, she is now a Jill of all trades as a graphic designer, website builder, blog writer, video editor, social media manager, marketing strategist and more. 

In fact, give her any task and this chick will figure out how to do it! Go on, we dare you!

No, really, we DARE you!!

Cristy has won two Australian Commercial Radio Awards (ACRAs) for Best Ad and Best Sales Promotion, and even has an 'Employee of the Year' certificate with her name on it.

Cristy and her husband James have traveled extensively through Russia, China and South East Asia, and have two fur-babies, Sooty (cat) and Panda (puppy). Cristy loves drinking coffee, meeting people to drink coffee, coffee tasting and coffee flavoured cocktails. She also enjoys road trips, TED Talks and watching cat videos on youtube.