To work out whether you're a small business entity for the current year, you need to choose a calculation method and calculate your aggregated turnover.

The small business capital gains tax (CGT) concessions allow you to reduce, disregard or defer some or all of a capital gain from an active asset used in a small business.

There are changes to the company tax rates. The full company tax rate is 30% and lower company tax rates are available in some years. This page shows when to apply the lower rate and how to work out franking credits.

The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax you pay by up to $1,000 each year.

The offset is worked out on the proportion of tax payable on your business income.