“All small businesses with an annual turnover of less than $2 million will share in the $3.25 billion in tax cuts and $1.75 billion in accelerated depreciation measures.
“From Budget night until 30 June 2017, small businesses with turnover below $2 million can claim an immediate tax deduction for every asset they acquire that is valued up to $20,000 for tax purposes - a substantial increase from the previous $1,000 threshold.
“From 1 July 2015, the Government will cut the company tax rate for up to 780,000 incorporated businesses with annual turnover up to $2 million by 1.5 percentage points to 28.5 per cent; and
“From 1 July 2015, the Government will also provide a 5 per cent tax discount for over one and a half million sole traders, trusts and partnership structures which are unincorporated businesses with annual turnover up to $2 million, capped at $1,000, through their end of year tax return.
Further highlights of the Budget include:A doubling of Roads to Recovery funding from $350 million to $700 million in the 2015-16 financial year, that will see more roads sealed and upgraded in our community; Reforms that make our taxation, foreign investment, welfare and individual benefits systems fair and sustainable; $1.2 billion in new funding for national security, which builds on the $1 billion announced last year Continuation of the Government’s $50 billion infrastructure programme.
“The Budget also provides the funds to fulfil the local pledges I made during the last election to build a stronger local economy, and a stronger and safer local community,” Mr Smith said.
More details on the Budget are available at www.budget.gov.au
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13 May 2015
Media contact: Andrew Hallam, 0404 043 764