If you are a small business you may be eligible for certain income tax concessions. To be considered a small business for these concessions you must carry on a business and your business turnover must be less than $2 million.
If you satisfy this condition you can access certain concessions. The first of these relates to trading stock. If the value of your trading stock has not increased or decreased by more than $5,000 over the year you can choose whether or not to do an end-of-year stocktake and account for the change in the value of trading stock.
There are simplified depreciation rules whereby you can pool your assets to make depreciation calculations easier. In addition, from 1st of July 2012 a small business can also claim an immediate deduction for most assets each costing less than $6,500. This is an increase from the previous amount of $1,000.
Prepaid expenses can be claimed when paid where the payment covers a period of 12 months or less and that period ends in the next income year.
In addition small businesses can claim up to $5,000 as an immediate deduction for motor vehicles, with effect for vehicles acquired from the 2012-13 income year.