Budget 2015 – Something to clap about
The Budget 2015 is something to clap about if you are a small business.
When you have a look at the budget the big ticket points for a small business are:
Cuts to the corporate tax rate
From 1 July 2015, the corporate rate of tax for incorporated small business (pty ltd) is reduced from 30% to 28.5%
As of today, up to June 2017, any small business will be able to claim a 100% tax deduction on any capital equipment purchased for their business for items up to A$20000 in value.
Tax discounts for “non-incorporated” small business
For every other small business with valid ABN, the individual taxpayer will be entitled to a 5% discount on taxes they pay on income declared from their business at A$1,000, (a total of 20,000 tax write off at 5%).