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Expanding Access to Small Business Tax Concessions to Support Jobs

Media Releases

Date : 27 September 2020

Author: The Hon Josh Frydenberg PM & The Hon Michael Sukkar MP

THE HON JOSH FRYDENBERG MP
Treasurer

THE HON MICHAEL SUKKAR MP
Minister for Housing & Assistant Treasurer

     MEDIA RELEASE

2 October 2020

EXPANDING ACCESS TO SMALL BUSINESS TAX CONCESSIONS
TO SUPPORT JOBS

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.

This announcement builds on the extensive support provided for small and medium sized businesses during the COVID-19 crisis that has included JobKeeper, extending the Instant Asset Write Off, providing a Cash Flow Boost of up to $100,000 for employing small businesses, and boosting access to capital through our COVID-19 SME loan Guarantee Scheme.

Small business is the backbone of our economy. The Morrison Government will continue to support our small and medium sized businesses as part of our economic recovery plan.

Ends.

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