NECA Group

News & Views

6th October 2020

Expanding access to small business tax concessions to support jobs

Treasurer, Josh Frydenberg and Minister for Housing & Assistant Treasurer, Michael Sukker say the Morrison Government is continuing to support businesses through COVID-19 by providing further tax relief to attract and retain workers and reduce red-tape as part of our economic recovery plan.

"For the first time, businesses with an aggregated annual turnover between $10 million and $50 million will have access to up to ten small business tax concessions. The changes are estimated to support an additional 20,000 businesses and their employees. The expanded concessions, as part of the 2020-21 Budget will apply in three phases. In addition, from 1 July 2021, the Commissioner of Taxation’s power to create a simplified accounting method determination for GST purposes will be expanded to apply to businesses below the $50 million aggregated annual turnover threshold."



Click here to download a copy of the media release.