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Additional tax changes affecting small business

The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015:

  1. Tax offset
    A tax offset to individuals who run small businesses (with an aggregrate 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 individuals income that is small business income, capped at $1,000 per annum.
  2. Start-up expense deduction
    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.
  3. FBT exemption
    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.

Unsure if you’re affected? We are here to help. Call (03) 8888 4000 or email info@thepractice.com.au