Are You Eligible for Tax Concessions?
A tax concession is where businesses can see less tax being paid under certain circumstances.
According to the Australian Government’s Principal Business Resource, small businesses can take advantage of a number of tax concessions provided that certain conditions are fulfilled. However, without a lot of accounting or tax knowledge, it can often be difficult to understand what tax exemptions and concessions that you are eligible for. If you are a small business and want to know if you are eligible for whatever concessions, a professional tax accountant or even a tax agent can help you with this.
Numbers Talk is a leading accounting firm based in Melbourne; we provide accounting, finance, and taxation services through best accountants and tax accountants Melbourne CBD.
Here are the major inclusions of the tax concessions:
- CGT – Capital Gains Tax
- Income Tax
- GST – Goods and Services Tax
- PAYG – Pay As You Go Instalments
- FBT – Fringe Benefits Tax
These concessions impart your business many benefits such as:
- Simplified Trading Stock Rules
- Simpler Depreciation Rules
- Immediate deductions for certain prepaid business expenses
- A choice to account for GST on a cash basis
Your business is eligible for tax concessions:
- If you are a business, an individual, partnership, company, or trust
- If your aggregated turnover is less than $2 million
However, certain eligibility criteria may vary or may have added conditions. Thus, you need to check your eligibility for tax concessions every tax season. If you aren’t too confident in your accounting or taxation knowledge, it will be important for you to find the right accountant to help you out this tax season to get the most out of your return.
For more information, don’t hesitate to contact us.
