Federal budget bonuses for small business

Small business was highlighted in the recent federal budget, with a couple of points that may be of particular interest: 

  • Unincorporated businesses such as sole traders and partnerships with annual turnover up to $2 million will get a 5% tax discount (capped at $1000) through their year-end tax returns from 1 July, 2015
  • Small businesses with a turnover up to $2 million get an immediate tax deduction for any individual assets they buy costing less than $20,000 (currently the threshold sits at $1000). This $20,000 limit applies to each individual item and small businesses can apply this rule to as many individual items as they wish. This starts from Budget night and runs until the end of June 2017

For more details and other benefits, see the Budget 2015 website or talk to your accountant.