Australia’s 2.1 million small businesses received a boost from Tuesday’s Federal Budget with tax cuts and immediate deductions available on asset purchases.
The measures introduced for small businesses include:
- A 1.5 per cent cut in company tax from 30 per cent to 28.5 per cent for incorporated small businesses
- A 5 per cent tax discount for unincorporated businesses up to $1,000 per year
- An immediate tax deduction for any individual asset costing less than $20,000
- Changes to the tax treatment of employee share schemes
- Ability to change business structures tax-free
- Fringe benefits tax exemption for portable electronic devices.