As a boost for small businesses, the Government will extend access to a number of small business tax concessions by increasing the annual turnover eligibility threshold from $2m to $10m. These measures will apply from July 1, 2016 and they expand the number of small business entities able to access the concessions. From a tax planning perspective some small business owners may look at the timing of their expenditure with the start date being July 1, 2016.
Under the announced measures, businesses with a turnover below $10m will now be able to access a range of existing small business tax concessions. The increase in the threshold will allow an additional 90,000 to 100,000 business entities access to concessions including:
The current $2m turnover threshold will be retained for access to the small business CGT concessions.
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