Tax relief for small businesses announced

The Assistant Treasurer announced on 7 May 2012 several tax reliefs primarily designed to help small businesses and to encourage them to invest and grow.

The Government will allow businesses to carry back their tax losses. Tax losses of up to AUD 1 million are eligible for to be carried back. Losses made after 1 July 2012 will be eligible for a one year carry back, and losses made after 1 July 2013 will be eligible for a two year carry back. The value of carried back tax losses will be…