According to an article on Smh.com.au the 2016 federal budget is full of surprises for small businesses.
There was also welcomed news for small business owners with regard to accessing the small business entity tax concessions.
Currently for a business to qualify as an SBE it must have a turnover of less than $2 million.
This threshold has been the same for a number of years and has been long overdue for an increase.
Qualifying as an SBE provides small businesses with many tax concessions including “simplified depreciation rules, the ability to fully write off assets costing less than $20,000 in the first year, simplified trading stock valuation rules, and an immediate deduction for prepaid expenses that cover a period of 12 months or less”.