If you’re looking for concessions that your company might need; this is the right place for it. There are many types of concessions that are available for your business and your eligibility depends on three factors:
- Your company Structure
- Your Industry
- Your Annual turnover
Couple examples of a claim could be:
- Concession on costs of professional services including legal, accounting and any govt fees that you have paid when setting up a new business
- Concessions on laptops or phone that you provide to your staff i.e., any work-related devices
- Concession on accelerated depreciation of business assets including water facilities or fencing
Concessions provided on Capital Gain Tax (CGT) help small business to reduce, defer or even disregard included capital gains from their active business assets. The four kinds of CGT concessions that you can claim are:
- Small business 15-year exemption
- Small business 50% active asset reduction
- Small business retirement exemption
- Small business rollover
Read more here: https://www.ato.gov.au/Business/Small-business-entity-concessions/Concessions/CGT-concessions/
Don’t forget to keep paper or electronic proof for the claims that you make. These documents should include 5 years of data. Keeping these documents organized and simple will make it more convenient for you.
