On 16 February 2024, the Australian Taxation Office (ATO) published a release that outlines the eligibility thresholds for small businesses for concessions. As per the release, small business owners may be eligible for concessions on the amount of tax they pay. This depends on the business structure, the industry, and annual turnover. Small business owners must keep records for 5 years to prove any claims they make.
A small business which has an aggregated turnover of less than:
- $2 million can access the small business CGT concessions.
- $5 million can access the small business income tax offset.
- $10 million can access the small business restructure roll-over.
