Small businesses with less than $2 million turnover including input taxed supplies may be eligible for the following concessions from 1 July 2007:

• choice to account for GST on a cash basis

• choice to pay GST by instalments

• annual apportionment of GST input tax credits

• simplified trading stock rules

• simpler depreciation rules

• entrepreneurs' tax offset

• CGT 15-year asset exemption

• CGT 50 per cent active asset reduction

• CGT retirement exemption

• CGT roll-over provisions

• choice to pay PAYG instalments based on GDP-adjusted notional tax

• two-year period for amending assessments (exceptions may apply)

• immediate deductions for certain prepaid business expenses, and

• FBT car parking exemption (applies from 1 April 2007).

Eligibility for some of these concessions will be dependent on satisfying some additional conditions. For more information on each concession affected by the change, please subscribe to our newsletters.