Unlocking Tax Concessions for Small Business Owners
ATO’s Reminder
The ATO has recently issued a reminder that small business owners may be eligible for concessions on the amount of tax they ultimately pay.
This depends on their business structure, their industry and their aggregated annual turnover.
For example, small business owners who have an aggregated annual turnover of less than:
- $2 million can access the small business CGT concessions;
- $5 million can access the small business income tax offset; and
- $10 million can access the small business restructure roll-over.
The ATO expects small business owners to check their eligibility each year before they apply for any of these concessions.
Furthermore, taxpayers generally need to keep records for five years to prove any claims they make.
We are always on the lookout for what tax concessions may be of use to our clients based on their individual circumstances. These small business concessions, in particular, can be very beneficial when applicable.
Do you want a second opinion on your business finances to see if you are missing out on opportunities to cut your tax bill, reduce costs, improve your cash flow or make more money? Contact Omnis now to book a meeting with one of our business tax accounting professionals in West Perth.
