More taxpayers can access the benefits of being an 'SBE'  

Broadly speaking, for the year ending 30 June 2017, a business taxpayer will be an SBE if its ‘aggregated turnover’ is less than $10,000,000.

That is, where the business' ‘aggregated turnover’ (taking into account the turnover of the entity carrying on the business and the turnover of its related parties) is less than $10,000,000.

It will be able to access most of the concessions available to SBE taxpayers, including:

• the lower corporate tax rate of 27.5%;  
• the SBE simplified depreciation rules, including the ability to claim an immediate deduction for assets costing less than $20,000;    
• the simplified trading stock rules;  
• the small business restructure rollover relief;  
• deductions for certain prepaid business expenditure made in the 2017 income year;  
• the simplified method for paying PAYG instalments calculated by the ATO;
• the FBT car parking exemption;
• Expanded access to the FBT exemption for portable electronic devices;  
• Ability to claim an immediate deduction for start-up expenses; and  
• The option to account for GST on a cash basis and pay GST instalments as calculated by the ATO.

If you would like to discuss this please contact our office.