The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015:
- A tax offset to individuals who run small businesses (with an aggregate annual turnover of less than $2 million), or who have a share of a small business’ income included in their assessable income.
The tax offset is available to individuals, partners, or beneficiaries of a trust that is a small business entity.
The tax offset is 5% of the income tax payable on the portion of an individual’s income that is small business income, capped at $1,000 per annum.
- An immediate deduction for some business start-up expenses, such as legal advice and registration fees, including government fees and charges as well as costs associated with raising capital.
- An exemption from FBT where small businesses provide an employee with more than one work-related portable electronic device, even where the devices have substantially identical functions.
* * * Disclaimer: The information is sourced from NTAA. * * *
Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their circumstances.
