The Small Business Measures Bills providing the following tax cuts were passed by the Senate today giving Small business (less than $2 Million turnover) and Primary Producers certainty of the tax relief announced in the Budget:
- Immediate deduction for assets costing less than $20,000 (+GST if registered) (Effective from Budget night - 12 May 2015)
Assets over $20,000 can be depreciated at 15% in the first year, and then at 30% in subsequent years
Immediate Deduction for Water facilities and fences for Primary Producers (Effective from Budget night)
- Deduction over 3 years for fodder storage assets (Effective from Budget night)
- Company Tax Cut from 30% to 28.5% (Effective from 1 July 2015)
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.