Yes. There are a range of tax concessions available for small business. The concessions available to small businesses include:
• Accelerated and simpler depreciation rules
• Instant Asset write-off provisions
• Small business tax break (2009 to 2011 income years)
• Entrepreneurs Tax Offset (The Entrepreneurs Tax Offset ended on 30 June 2012)
• Choice to account for GST on a cash basis
• Capital Gains Tax exemption and rollover provisions
• Capital Gains Tax 50% Active Asset reduction
• Capital Gains Tax Retirement Exemptions
• Immediate deductions for certain prepaid business expenses
• Two year period for amending assessments (exceptions may apply)