Tax concession rules for small businesses have changed, with more businesses eligible for concessions. A turnover of less than 10 million is now the threshold, up from 2 million with some exceptions still. There is an increased small business income tax offset, up to 8 percent and applying to businesses with less than a $5 million turnover. In 1924-25 the offset will increase to 10 percent, 2025-2026 it will be 13 percent, and go to 16 percent in 2026-27.
- the small business tax offset increased to 8% this year up from before
- The percentage will change to 10% in 2024 and 2025 which is a larger then anticipated change
- company tax rates are being cut for small business to help them become more profitable
“You can claim the small-business income tax offset if you are a small-business sole trader, or have a share of net small-business income from a partnership or trust.”