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1 T.SBE Summary of small business entity tax concessions Taxpayers that meet the definition of a small business entity have access to a range of small business tax concessions (refer to F.SBE Small business entity eligibility flowchart and P.SBE Small business entity aggregated turnover procedure). This table outlines the concessions available to small business entities. Income tax (former STS concessions) Benefit Accessing this benefit Not accessing this benefit Simplified trading stock rules You can choose not to conduct a stocktake if there is a difference of less than $5,000 between the opening value of trading stock and a reasonable estimate of the closing value of trading stock at the end of the income year. You will need to conduct a stocktake and account for the difference in value of opening and closing trading stock. You access this benefit at the end of the income year when calculating amounts for the tax You will need to record how you determined the value of trading stock on hand. From the 2007/2008 income year onwards. Simpler depreciation rules (pooling) You can choose to pool your assets and claim one deduction for each pool. This means you only have to do one calculation for the pool rather than for each asset. You can claim an immediate deduction for assets costing less than $1,000. You calculate pool deductions using the diminishing value method. You will need to use the normal depreciation rules. You need to make individual depreciation calculations for each asset based on their effective life. You can claim an immediate deduction for assets costing less than $100. You can calculate depreciation deductions using either the diminishing value or straight line methods. You access this benefit when you are preparing your depreciation schedules and when calculating depreciation deductions for your tax You will need to record that you used this method of depreciation. From the 2007/2008 income year onwards. You can use a different type of pooling for low value assets less than $1,000. Knowledge Shop Pty Ltd 1

2 Income tax (former STS concessions) continued Benefit Accessing this benefit Not accessing this benefit Immediate deduction for certain prepaid business expenses You can choose to claim an immediate deduction for prepaid expenses where the payment is for a period of service which is 12 months or less and ends in the next income year. You will need to apportion the deduction for the prepaid expense over the income years it applies to. You access this benefit be claiming an immediate deduction for prepaid expenses in your tax Entrepreneurs tax offset You can reduce your tax payable by up to 25% if your business has turnover of less than $75,000. You will not be entitled to a reduction in tax payable. You access this benefit by filling out the relevant sections on your tax 2 year period for amending assessments You will have a 2 year amendment period. The ATO will only have 2 years to review and amend your tax returns (except in cases of tax avoidance, fraud or evasion). You will have a 4 year amendment period. This benefit will automatically apply to small business entities. Capital Gains Tax (CGT) CGT 15 year exemption You can choose to be exempt from CGT when you sell a business asset you have owned for 15 years if you are 55 years or over and retiring, or you are permanently incapacitated at the time of the CGT event. including this gain in your tax Knowledge Shop Pty Ltd 2

3 Capital Gains Tax (CGT) continued Benefit Accessing this benefit Not accessing this benefit CGT 50% active asset reduction You can choose to reduce your capital gain by 50% on the sale of an active asset. This reduction can apply in addition to the 50% CGT discount for assets held for 12 months. You access this benefit by reducing the gain included in your tax CGT retirement exemption If you are 55 years or over you can choose to be exempt from CGT on the sale of a business asset up to a lifetime limit of $500,000. If you are under 55, this payment must be rolled over into a complying superannuation fund or RSA. including the gain, up to the $500,000 lifetime limit in your tax Knowledge Shop Pty Ltd 3

4 Capital Gains Tax (CGT) continued Benefit Accessing this benefit Not accessing this benefit CGT rollover provisions You can choose to rollover all or part of a capital gain from the sale of a business asset if you acquire a replacement asset or make improvements to an existing asset. The replacement asset can be acquired one year before and two years after the last CGT event in the income year for which you choose the rollover. including the gain (or part of the gain) in your tax Goods and Services Tax (GST) Account for GST on a cash basis You can choose to account for GST when you receive payment for a sale that you have made. You can also claim GST credits when you actually pay for your purchase. You will need to continue to account and report on a non-cash (accruals) basis unless you meet one of the other eligibility criteria to report on a cash basis. You access this benefit by contacting the ATO. From the start of the tax period in which you notify the ATO of this election. Choice to pay GST by instalments You can choose to pay a GST instalment amount worked out by the ATO which you can vary each quarter. If you use this method you will also need to lodge an annual GST You will have to calculate your actual net GST amount quarterly. The ATO will notify you if you are eligible on your first quarterly activity statement which covers the period 1 July to 30 September. You notify the ATO of this election by selecting this option on your first quarterly activity statement. If you choose to use this method you must notify the ATO by 28 October each year. If you think you are eligible but have not been notified of an instalment amount you can contact the ATO. Knowledge Shop Pty Ltd 4

5 Goods and Services Tax (GST) continued Benefit Accessing this benefit Not accessing this benefit Annual apportionment of GST credits Pay as you go instalments (PAYG) PAYG instalments based on GDP amount You can choose to account for the private portion of your business purchases annually rather than each time you lodge an activity statement. You can claim the full GST credit for a business purchase and make an adjustment for the private portion of the purchase in a later activity statement. Companies and superannuation funds with business and investment income under $2m in their last lodged tax return can choose to use the GDP amount option. This option will be available to PAYG I individual payers regardless of the amount of their business and investment income. You will need to apportion your claim for a GST credit for purchases that relate to private use on each activity statement. You must use the instalment rate method. You will need to keep a record of this election detailing the date the election was made and date it took effect. You will be notified by the ATO when you are first eligible. If you choose to use this method you need to notify the ATO on your first quarter activity statement. You can make an election at any time. The election will take effect from the beginning of the next tax period for which your activity statement is not yet due. Your first activity statement after 1 July Fringe Benefits Tax (FBT) FBT car parking exemption You will be exempt from FBT on car parking provided to employees. You will be subject to FBT on this You access this benefit on your FBT From 1 April 2007 and can be taken into account when completing your 2007 fourth quarter BAS. Knowledge Shop Pty Ltd 5

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