$20,000 immediate deduction for assets passes

 

Joint statement by the Hon JB Hockey MP, Treasurer; Senator the Hon Mathias Cormann, Minister for Finance; the Hon Bruce Billson MP, Minister for Small Business:

THE hard working women and men of Australian small business were delivered surety to make the most of the Government’s Jobs and Small Business package today with key measures passing through the Parliament.

All small businesses can immediately deduct every asset costing less than $20,000 that they have purchased since Budget night and can continue to do so until the end of June 2017.

Small companies with a turnover of less than $2 million will benefit from a 1.5 per cent tax cut from 1 July 2015. This will mean we have delivered the lowest tax rate to small business since 1967.

With the passing of these measures we have delivered the lowest tax rate to small business since 1967 through our historic budget package.

The $5.5 billion Jobs and Small Business package is the biggest small business package in our nation’s history.

Since Budget night we have both travelled across the country meeting with a vast array of small business owners and their employees.

It is clear that they feel energised by the small business measures in our Budget and has given them the confidence to carefully invest in growing their business.

The Government is committed to ensuring Australia is the very best place to start and grow a small business. Our Jobs and Small Business package is creating the right conditions for Australian businesses to thrive and grow.

www.financeminister.gov.au

ends