Introduction of further small business legislation
The Government will today introduce legislation for three more measures to support small business as part of the 2015 Budget’s $5.5 billion Jobs and Small Business package.
The Coalition Government understands the varying needs of Australian small businesses, we know one size does not fit all and our Budget measures reflect this.
To ensure all small businesses receive a tax cut no matter how they are structured and help them grow, we will provide a five per cent tax discount for unincorporated small businesses.
All new small businesses can immediately deduct some start-up expenses, such as legal advice and registration fees that previously had to be depreciated over five years, to improve cash-flow and reduce red tape.
To help small businesses stay connected in the digital economy, the Government will reduce red tape within the fringe benefits tax system by exempting the portable electronic devices employers provide to their employees.
With the introduction of today’s legislation, the hard working women and men of Australian small business have further certainty that they can go ahead and make the most of the package.
It builds on the successful passage of the first two bills through the Senate last week, confirming all small businesses access to an immediate tax deduction for assets costing less than $20,000 and the 1.5 per cent tax cut for small companies with a turnover of less than $2 million.
With the introduction of the three measures contained in this bill, five out of six of the small business measures from the Budget package have been introduced into Parliament.
The last, to enable small businesses to restructure without facing an immediate capital gains tax liability, is scheduled to be introduced in the Spring sittings.
The Government is committed to ensuring Australia is the very best place to start and maintain a small business. Our Jobs and Small Business package is creating the right conditions for Australian businesses to thrive and grow.