For the 2016-17 financial year, the small business concession eligibility has changed. From 1 July 2016, you are a small business entity if you are a sole trader, partnership, company or trust that: Operates a business for all or part of the income year; AND Has an aggregated turnover less than $10 million. The $10 million turnover threshold applies to most concessions, except for: The small business income tax offset, which has a $5 million turnover threshold The capital gains tax (CGT) concessions, which continue to have a $2 million turnover threshold. The full list of concessions available can be found on the … Continue reading New Tax Alerts from 1 July 2017