Are there tax concessions for small businesses?

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)