Are you a small business owner looking to get some concessions? First of all, you need to know how many types of concessions are available for you to choose from. To decide which concessions you can qualify for, go through your company structure, the industry you’re in and your annual turnover.

Generally, a small business is eligible to claim:

• Some start-up costs, like professional services like legal and accounting
• Any taxes and government fees you’ve paid is immediately deductible
• Payments for prepaid expenses like business lease or advertising costs
• Accelerated depreciation of some commercial assets utilised in production
• Water facilities and fencing used at business premise for manufacturing
• Fringe benefit tax exemptions for work-related gadgets like laptops
• Phones and other work supplies you provide to your employees and staff

Types of Capital Gains Tax (CGT) Concessions You Can Claim

With the help of capital gains tax (CGT) concessions, eligible small businesses and enterprises can reduce, defer or even completely ignore the capital gains from active business assets they are using.

If you match the eligibility requirements, you may be entitled to claim one of four types of CGT concessions available, that are:

• Small business 15-year exemption
• Small business 50% active asset reduction
• Small business retirement exemption
• Small business rollover

You must maintain written or digital evidence/ record of transactions you made to support any claims you are making with the tax office. You are given a choice to choose a document format or an electronic record.

In most case, business owners believe keeping electronic records is easier and more practical.

If you have chosen the document format, make sure you have all the documentation prior to five years. In other words, documentation must typically be kept for 5 years.

To find out if you are eligible for a concession or to apply for one, you can freely take the assistance of a registered tax agent. If you are looking for one, KPG Taxation can help you. We are a full-service taxation company that has proudly assisted individuals, businesses, and sole traders in managing their taxes and accounts.