Australian Parliament Passes Tax Measures Supporting Small Businesses

On 15 June 2015, the Australian parliament passed tax measures included in the 2015 Budget to support small businesses. The measures include an increased asset value limit for accelerated depreciation and a reduced corporate tax rate.

Accelerated Depreciation

Accelerated depreciation for small businesses is expanded by allowing small businesses with aggregate annual turnover of less than AUD 2 million to immediately deduct assets they start to use or install ready for use, provided the ass…