Small business tax advantages

By Max Newnham
Updated May 19 2014 - 10:33am, first published April 28 2014 - 9:29am

There are many tax advantages for a business classed as a small business entity. To qualify as a small business entity a business must have total income of less than $2 million a year. In addition to having access to all of the small business capital gains tax concessions, a small business entity can also choose to use the cash method of accounting rather than the accrual method.