As expected, several of the Small Business Measures announced in the May Budget have passed both Houses of Parliament.
- the reduction in the company tax rate for business entities with an aggregated turnover of less than $2,000,000. Click here for further information. This is waiting royal assent.
- the immediate deduction of assets costing less than $20,000 for businesses with a turnover of less than $2,000,00. However, we strongly recommend that you contact our office prior to making any purchases to ascertain if this will be of benefit in your personal circumstances. Click here for further information. This has received royal assent and is now law.
Any questions, please contact your accountant.