Yet another round of problematic small business tax concessions
Running or advising a small business is becoming more complicated given the numerous twists and turns of government policy in respect of the small business entity (SBE)1 concessions. The timing of asset purchases for effective tax planning is particularly tricky given the frequent changes in depreciation rates and immediate deduction limits. The introduction of differential income tax rates for SBEs also raises new tax planning opportunities and challenges. This article examines the 2015 Budget SBE proposals. The Tax Laws Amendment (Small Business Measures No 2) Bill 2015 (Cth) will provide accelerated depreciation for small businesses and primary producers. The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 (Cth) will reduce the company tax rate from 30% to 28.5% for companies that are SBEs.
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