Small businesses
1. I have set up my own business. Do I need to reigster for GST ?
If your business annual turnover does not exceed $75,000, you are not required to register for GST. If you are not registered for GST, you do not charge your customers GST. However, you cannot claim any input tax credits for any GST included in the business expenses you paid.
2. Do I need to register my business name ?

You are required to register your business name with the Australian Securities & Investments Commission, unless the business is conducted under your name, or your registered company name.

3. My business has a loss this year. Can I offset the business loss against my employment income or investment income ?

If you carry on a business as a sole trader or in partnership, your income must be less than $250,000 and your buisness must pass one of the business activity tests before you can offset the business loss against your other sources of income. Exceptions may apply in some cases.

4. I am self employed. Can I claim a tax deduction for my personal superannuation contribution ?

If you are self employed, you can claim a tax deduction for personal super contributions made to a complying super fund, subject to meeting other conditions. For example you must have notified your superannuation fund the amount you intend to claim as a tax deduction and the superannuation fund has acknowledged receipt of your notice.

If you also earn income as an employee, the income you earn as an employee must be less than 10% of your assessable income (including reportable fringe benefits and reportable superannuation contributions).

5. Are there any tax concessions for small businesses ?

If the aggregated annual turnover of your business is less than $2 million, you can access a range of tax concessions which are available to small business entities to help reducing your tax liabilities.

Examples of these tax concessions include (a) immediate deduction for prepaid expenses; (b) immediate deduction for assets costing less than $6,500 each, and (c) accelerated deduction for motor vehicles used for your business These concessions apply whether you operate your business as a sole trader, partnership, company or trust.

You may also be eligible to access the capital gains tax concessions to capital gains upon disposal of your business assets.


The information provided is a general guide only and should not be treated as advice. It does not cover the topics exhaustively and should not be regarded as offering a complete explanation of the matters referred to. We disclaim any liability or responsibility to any person, who acts or fails to act as a consequence of reliance upon the whole or any part of the contents on this page.


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