Access to a range of tax concession currently available to only those businesses with aggregated turnover under $10 million has been expanded enabling businesses with aggregated turnover less than $50 million to take advantage.

As a result, the following small business concession will be available to companies with aggregated turnover of between $10 million and $50 million:

Concession

Start date

Immediate deduction for certain start-up expenses.

1 July 2020

Immediate deduction for certain prepaid expenditure.

1 July 2020

FBT exemption for car parking benefits.

1 April 2021

FBT exemption for multiple work-related portable electronic devices.

1 April 2021

Simplified trading stock rules.

1 July 2021

Remit PAYG instalments based on GDP-adjusted notional tax.

1 July 2021

Settle excise duty monthly on eligible goods.

1 July 2021

Settle excise-equivalent customs duty monthly on eligible goods

1 July 2021

Two-year amendment period

1 July 2021

Simplified accounting method determination for GST purposes

1 July 2021

 

You accountant will be well placed to provide you with specific advice in relation to these measures. If you would like to speak to our team and further understand the detail, please book a call with us here.

 

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