That $20 000 deduction finally passed
It seems the flood of advertising pushing small business owners to rush out and buy as many bar fridges, laptops, iPhones and non-essential accoutrement will not be for nought afterall. The hard working women and men of Australian small business were delivered surety to make the most of the Government’s Jobs and Small Business package today with key measures passing through the Parliament.
All small businesses can immediately deduct every asset costing less than $20,000 that they have purchased since Budget night and can continue to do so until the end of June 2017.
Small companies with a turnover of less than $2 million will benefit from a 1.5 per cent tax cut from 1 July 2015. This will mean we have delivered the lowest tax rate to small business since 1967.
With the passing of these measures we have delivered the lowest tax rate to small business since 1967 through our historic budget package. The $5.5 billion Jobs and Small Business package is the biggest small business package in our nation’s history.Since Budget night we have both travelled across the country meeting with a vast array of small business owners and their employees. It is clear that they feel energised by the small business measures in our Budget and has given them the confidence to carefully invest in growing their business.