ATO reminder of key changes to small business tax concessions

The Tax Office has reminded small businesses with less than $2 million turnover that they may be eligible for various concessions from 1 July 2007 including: GST concessions; simplified trading stock rules; simpler depreciation rules; entrepreneurs' tax offset; CGT concessions; PAYG instalments based on GDP-adjusted notional tax; two-year period for amending assessments (exceptions may apply); immediate deductions for certain prepaid business expenses; FBT car parking exemption (from 1 April 2007).