If you run a small business, you can access a range of concessions. You may run your small business as a sole trader, in a partnership or it may be run by your company or trust.

Each concession has different eligibility requirements. You must review your eligibility each year to check if you’re able or required to use a particular concession. 

You may be eligible for the following concessions that are specifically available to small business entities:

• Income tax concessions
  • immediate deductions for certain start-up expenses including professional fees and government charges
  • simplified trading stock rules
  • simplified depreciation rules
  • immediate deductions for prepaid expenses
  • small business restructure roll-over 
• CGT concessions
  • 15-year exemption 
  • 50% active asset reduction 
  • small business retirement exemption 
  • small business rollover
• Other specific concessions
  • contributions to your super fund
  • concessional income tax rate for base rate entities
  • small business income tax offset.

To qualify for small business concessions, you'll need to determine if you’re a small business entity for the income year. If you’re not a small business entity, you may still qualify for certain concessions based on your aggregated turnover.