Date posted: 6/10/2020

Medium size business to access small business tax concessions

Amendments will allow businesses with less than $50M aggregated annual turnover (up from $10M) to access up to 10 small business concessions

The 2020-21 budget appears to have Australia continuing down the path of having a two-tiered business taxation system – one for large entities and one for everyone else.

  • 1 July 2020 – access to immediate tax deduction for start up costs and some prepaid expenditure
  • 1 April 2021 - car parking and multiple work-related portable electronic devices are FBT exempt
  • 1 July 2021 – access to simplified GST and trading stock rules, 2 year amendment period, PAYGI on GDP adjusted notional tax and special excise rules.

If simplification is good for one market segment why isn't good for all?

Are we putting barriers up for future growth? Today's announcements flags the following changes:

More updates to follow.

Expanding access to small business tax concessions to support jobs

Joint media release with The Hon Michael Sukkar MP Minister for Housing & Assistant Treasurer

Read the media release

Australian Federal Budget 2020-21

The Australian Federal Budget will be brought down on 6 October in the context of a COVID-19 afflicted economy in dire need of a shot in the arm.

Read more

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