FirstCircle: Tax cuts and concessions Small business owners ATO

Tax cuts and concessions

Small business owners are eligible for the following tax cuts and concessions

If your business is incorporated, active and has a turnover of less than $50 million per annum, your business will move to a 25 per cent tax rate by 2021–22.
If your unincorporated small business has a turnover less than $5 million, the small business income offset is at 8%, with a limit of $1000 each year and will move to 16% from 2021–22.
The small business entity turnover threshold has increased from $2 million to $10 million per annum, which means more small business owners have access to a range of tax concessions.
If you’re just starting up a small business, you can immediately deduct certain professional expenses incurred in establishing your new business. This can include costs for professional, legal and accounting advice.

Or to find out what concessions you can access as a small business
visit the ATO: Small Business concessions page

https://smallbusiness.jobs.gov.au/tax-measures