Small Business Tax Relief

Information about ato measures and tailored support during covid 19 novel coronavirus.

Small business tax relief. Find out what support is available including boosting cash flow instant asset write off the backing business incentive and jobkeeper payments for your employees. Employee retention credit available for many businesses financially impacted by covid 19 the employee retention credit is a refundable tax credit against certain employment taxes equal to 50 of the qualified wages an eligible employer pays to employees after march 12 2020 and before january 1 2021. As a result of this recent legislation there are three major areas of opportunity for small business owners to experience tax relief. Until march 2017 properties with a rateable value of 6 000 or less receive 100 relief and from 6 001 to 12 000 the scale slides from 100 to 0.

If disruption to your business operations causes you to fall behind with your tax and super obligations read the ato s information on covid 19 call them on 1800 806 218 or speak to your tax professional so that they can work with. This is the case even if you do not get small business rate relief. The australian tax office ato will also consider relief for certain tax obligations to eligible businesses including deferring tax payments up to four months. There are other forms of rates relief even if you aren t eligible for small business rates relief for example your business property might be eligible for rural rates relief if it is a protected business such as the only shop or post office in your rural area or you might be eligible for retail discount which could be worth up to a third off your rates bill for tax years 2019 20 and.

Tax and small business. Small business rate relief. By measuring the income tax performance of small business in australia we see that they voluntarily contribute over 76 billion in income tax this is around 87 5 of the revenue we expect from them. Tax relief for small businesses recent legislation has reduced the amount of taxes for which a small business is responsible.

The australian tax office says it will provide relief to businesses affected by covid 19 in the form of payment deferrals and faster access to gst refunds. 1 individual income tax returns 2 growth incentives for small businesses and 3 a reduction of taxes on dividends and capital gains. Get information on coronavirus covid 19 tax relief for businesses and tax exempt entities.