Small business and its tax process in Australia

The small business can be considered as engine room in economy of Australia as well as in the country it is the biggest employer. In terms of tax, small business is included in the annual turnover less than $2 million. To stop business separation activities  they can slip below the threshold of 2 million dollars and getting benefit access to the different tax concessions, the turnover has to be verified from the aggregated amount which means annual turnover of every affiliated or  connected business. Small business is very important for the government too and it provides a break regarding tax matters. A small business will also get tax deduction immediate for some pre-paid business expense  which was done before the financial year end. If amount covered an expense which has moved to the new financial year like rent or trade membership or professional body means they can claim the deduction amount at the end of the financial year.