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2015 Budget

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Various measures were introduced in the Federal Budget 2015 to help small businesses with aggregated annual turnover of less than $2 million, including:

From 7:30PM (AEST) 12 May 2015 and up until 30 June 2017 businesses may claim an immediate tax deduction on an eligible business asset that they start to use or install ready for use, provided it costs less than @20,000.

From 1 July 2015, reduce the small business company tax rate to 28.5%. The tax rate for franking credits will remain at 30%.

Small businesses which are unincorporated (for example sole traders, partnerships) will benefit from a discount of 5% of the income tax payable on business income (capped at $1,000 per individual) from 1 July 2015.