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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)

For further details on these announcements, refer to our Federal Budget: Tax Brief, speak with your usual Hanrick Curran adviser or call Jamie Towers on 07 3218 3900.

 

Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.