2015 Federal Budget assistance to Small Businesses
All small businesses will get an immediate tax deduction for any individual assets they buy costing less than $20,000. (Previously, the threshold was at $1,000).
This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. These arrangements start from Budget night 12th May 2015 and continue until the end of June 2017.
Further information on accelerated depreciation is available on the ATO website.
The Government is reducing the tax rate for the more than 90 per cent of incorporated businesses with annual turnover less than $2 million. The company tax rate for these businesses will be reduced by 1.5 percentage points to 28.5 per cent.
To help all Australian small businesses grow, the Government will also provide a 5 per cent tax discount to unincorporated businesses with annual turnover less than $2 million from 1 July 2015. This delivers a tax cut of $1.8 billion over the next four years.
Further information on tax cuts for Small Business is available on the ATO website.
Contact A Grade Tax Accountants Penrith on 4731 1405 for support on all tax matters.
Business Tax Newsletter
Subscribe & stay informed on the latest Business Tax News!
Personal Tax Newsletter
Subscribe & stay informed on the latest Personal Tax News!