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Some of the changes affecting small businesses

    Home Tax News Some of the changes affecting small businesses
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    Individual, company, SMSF & Trust tax returns | De Blonk Smith Young Brisbane QLD 4001

    Some of the changes affecting small businesses

    By de Blonk Smith Young | Tax News | 0 comment | 1 December, 2015 | 0

    It has been a little quiet on the tax front in recent months. The following is an update of some of the changes affecting small businesses.

    Company Tax Rate

    As from 1 July 2015, the small business company tax rate has been reduced from 30% to 28.5%. In general terms, a small business is defined as having a turnover less than $2 million.

    Start Up Expenses

    Small business entities can claim certain start up expenses immediately as from 1 July 2015, such as:

    • Obtaining advice relating to the proposed structure or operations
    • Payments to Australian government bodies (e.g. company incorporation, stamp duty)

    Accelerated Depreciation

    Small businesses can claim an immediate deduction for assets acquired from 12 May 2015 to 30 June 2017, where the cost of the asset is less than $20,000.

    The balance of the general small business pool is also immediately deductible if the balance is less than $20,000 as at 30 June 2015, 2016 and 2017.

    Please contact our office if you have any questions about your taxation affairs.

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