Small business Bills pass

02/07/2015

On 15 June 2015, the Tax Laws Amendment (Small Business Measures No. 1) Bill 2015 and the Social Services Legislation Amendment (No. 2) Bill 2015 were passed by the Senate. These Bills give effect to number of announcements from the 2015 Federal Budget. Key changes include:

• the company tax rate will be reduced from 30% to 28.5% commencing on 1 July 2015, for small businesses with aggregated turnover of less than $2 million
• franking credits will continue to be provided for all at 30%
• the accelerated depreciation rules have been amended for eligible small businesses, to allow depreciating assets with a purchase price of less than $20,000 to be immediately written off (for assets purchased from 7.30pm 12 May 2015 until 30 June 2017).

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The information contained in this Market Update is current as at 02/07/2015 and is prepared by GWM Adviser Services Limited ABN 96 002 071749 trading as ThreeSixty Research, registered office 105-153 Miller Street North Sydney NSW 2060. This company is a member of the National group of companies. Any advice in this Market Update has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on any advice, consider whether it is appropriate to your objectives, financial situation and needs.