The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 and the Tax Laws Amendment (Small Business Measures No 2) Bill 2015 have been passed by the House of Representatives.
The Tax Laws Amendment (Small Business Measures No 1) Bill 2015 reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year.
The corporate tax rate for companies that have an aggregate turnover of $2 million or more remains at 30 per cent. The Tax Laws Amendment (Small Business Measures No 2) Bill 2015 temporarily increases the threshold below which small businesses can claim an immediate deduction for the cost of assets from less than $1000 to less than $20,000 and allows primary producers to claim accelerated depreciation for water facilities, fodder storage and fencing.
