What the Budget Means for Small Business.

Clear Vision • May 13, 2015

 

 

Justin-Searle-1 The budget will bring some welcome changes for small businesses. Below are some key elements:

* From July 1 2105, small businesses with turnover of less than $2 million will have corporate tax rate cut from 30 per cent to 28.5 per cent.

* From July 1 2015, there will be a 5 per cent tax discount to unincorporated businesses with turnover less than $2 million.

* Effective immediately, small businesses will also receive relief through a write-off mechanism for all assets up to $20,000 until the end of June 2017.

* From July 1 2015, new start-ups can deduct professional costs associated with starting a business rather than writing them off over five years.

* Small business owners can change legal structure without incurring capital gains tax, from July 1 2016.

Small business is the biggest winner from the budget and should boost confidence.

Please call me if you want more information on how to take advantage of the business stimulus announced last night or need clarification on how the tax changes will effect your business.

Regards
Justin Searle

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