- Company Tax Rates for small business entities
- Understanding Reconciliation for Small Business Entity (SBE)
- Simpler Depreciation for Small Business
Company Tax Rates for small business entities
To get the lower rate of 27.5% ( for 2021 FY lower rate is 26%)
Select "Settings", then "Depreciation"
Make sure "its a small business entity" is activated via Settings > General.
Tick the box "Use simplified depreciation rules (only for SBE)".
Enable "YES" for "Its a base rate entity" via tax form first page.
- Please make sure that the Depreciation in the accounts equals the Deductible Depreciation for tax purposes if you want to use Small Business Entity Depreciation Method.
- Accounting depreciation should not be greater than SBE Depreciation.
- We've changed the logic for Small Business Entities. As per ATO rules if it's SBE than 6X must be equal to sum of 10 A+B and there is no need for reconciliation. Learn more from the ATO
Understanding Reconciliation for Small Business Entity (SBE)
Item 6X -