# ATO: Know what concessions you may be eligible for?



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office’s small business newsroom:









Know what concessions you may be eligible for?


Find out about the concessions available for small business this tax time.




www.ato.gov.au





*Know what concessions you may be eligible for?*










*9 August 2021*

As a small business, you have access to a range of concessions that could help your cash flow.

Here's some news and details about available concessions for you to consider.

Lower company tax rates have changed.
If you’re a base rate entity, your company tax rate is 26% in the 2020–21 income year.

The small business income tax offset has increased.

If you're a small business sole trader or have a share of net small business income from a partnership or trust, you can claim the small business income tax offset. It's 13% in the 2020–21 income year, up to $1,000, if your turnover is under $5 million.

Deductions for professional expenses for start-ups are available.

You may be able to immediately deduct start-up costs such as professional, legal and accounting advice and government fees and charges.

There are simplified trading stock rules. If the estimated difference between your 2020–21 opening and closing trading stock is $5,000 or less, you don’t need to do a stocktake. Just report the same amount for your opening and closing stock in your tax return.

You may also be able to claim immediate deductions for prepaid expenses.

Remember, registered tax and BAS agents can help you with your tax.

*Find out about:*

Concessions at a glance
What’s new for small business
Find out about the concessions available for small business this tax time.


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## Jack Malarkey (Jan 11, 2016)

See also:









Make sure you claim the small business income tax offset...


I strongly suspect that many drivers are missing out on the small business income tax offset as they’re not completing the offsets label in their tax returns. The small business income tax offset provides a tax saving on your small business net income of up to $1,000. The tax saving for...




www.uberpeople.net


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