2024-25 Tax Year
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Superannuation
Superannuation for employees is only a deduction for tax purposes once it has been paid to the super fund. Paying superannuation contributions before 30 June will ensure you receive a tax deduction in the current year.
Small Business Tax Concessions
There are a number of tax concessions available for small businesses (sole traders, partnerships, trusts and companies), however the definition of small business differs for some of the concessions.
Immediate write-off of assets
For the year ended 30 June 2025 individual assets up to $20,000 will be eligible for immediate write-off for small businesses.
Company Tax Rate for Small Business
For small businesses with annual revenue less than $50 million the company tax rate is 25% for the 2024-25 tax year.
From 1 July 2016 small business companies must base their franking distributions on the current tax rate.
Capital Gains Tax Concessions
Small businesses can access a range of Capital Gains Tax concessions if the annual revenue of the business is less than $2 million or the net asset value of the business assets is less than $6 million . There are also specific concessions for small businesses changing their business structure meeting the restructure criteria.
Small business income tax offset
Individuals with business income from an unincorporated small business (sole traders, partnerships and trusts) are entitled to a tax offset for tax payable on the business income.
For this offset businesses with annual revenue of less than $5 million are considered to be Small Businesses.
The offset is calculated as 16% of the tax payable on the business income up to a maximum of $1,000 per year.
Superannuation for employees is only a deduction for tax purposes once it has been paid to the super fund. Paying superannuation contributions before 30 June will ensure you receive a tax deduction in the current year.
Small Business Tax Concessions
There are a number of tax concessions available for small businesses (sole traders, partnerships, trusts and companies), however the definition of small business differs for some of the concessions.
Immediate write-off of assets
For the year ended 30 June 2025 individual assets up to $20,000 will be eligible for immediate write-off for small businesses.
Company Tax Rate for Small Business
For small businesses with annual revenue less than $50 million the company tax rate is 25% for the 2024-25 tax year.
From 1 July 2016 small business companies must base their franking distributions on the current tax rate.
Capital Gains Tax Concessions
Small businesses can access a range of Capital Gains Tax concessions if the annual revenue of the business is less than $2 million or the net asset value of the business assets is less than $6 million . There are also specific concessions for small businesses changing their business structure meeting the restructure criteria.
Small business income tax offset
Individuals with business income from an unincorporated small business (sole traders, partnerships and trusts) are entitled to a tax offset for tax payable on the business income.
For this offset businesses with annual revenue of less than $5 million are considered to be Small Businesses.
The offset is calculated as 16% of the tax payable on the business income up to a maximum of $1,000 per year.