DGK is a CPA Practice
ABN 72 002 667 898		  
    ABOUT US   OUR SERVICES   REFERRALS   TAX FACTS   KEY DATES   HOW TO FIND US   CONTACT US   PAYMENT  
HOME > TAX FACTS > Small Business Entities  

    :: What's New 
    Superannuation Guarantee
    SBE Tax Concessions
    :: Hot Tax Facts
    Income Tax Rates
    Medicare Levy & Surcharge
    :: Tax Calculators
    Salary/Wages Income Tax
    PAYG Tax Withholding
    Foreign Income Conversion
    :: Loan Calculators
    Borrowing Power
    Loan Comparison
    Loan Repayment
    Extra Repayment
    Split Loan Repayment
    Leasing Calculator
    Stamp Duty Calculator
 

follow us on twitter

 

  
   

Small Business Entities

 
Small Business Entities have an alternative way to determine taxable income that applies to whole income years. Participation is optional and the rules are designed to reduce the tax and compliance costs for small businesses, enabling you to claim a full deduction for certain prepaid expenses.

There are two main Small Business Entity rules:

  • Simplified depreciation rules — Most depreciating assets that cost less than $1,000 each are written off. Most other depreciating assets are pooled and deducted at 30% or 5% depending on their effective life.
  • Simplified trading stock rules — Businesses only need to conduct stock takes and account for changes in the value of trading stock in limited circumstances.

To qualify for Small Business Entity in an income year you must:

  • Run a business in that year, and
  • Have an aggregated turnover of less than $10 million from 1 July 2016.

MORE: For more information, see the Small business entity concessions essentials section of the ATO website.

 

 

 

 

 
 
         

 Site Map | Disclaimer | Copyright © 2000 - DGK & Associates. All Rights Reserved.