Small business Budget announcements become law

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Instant asset write off – the Act temporarily increases the threshold below which small businesses can claim an immediate deduction for the cost of assets from $1000 to $20,000. The increased threshold of $20,000 applies from 7.30pm (AEST), on 12 May 2015 until Friday 30 June 2017.

The new Act also reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year. The corporate tax rate for companies that have an aggregated turnover of $2 million or more remains at 30 per cent.

Contact Julian from JAG Accountants for all your business and tax questions on 0408 033 696 or email info@jagaccountants.com.au to make an appointment at our Williamstown or Flemington Offices.

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