There were a few exciting incentives proposed for small business in the Federal Budget released on 12 May 2015.
The most significant proposal relates to the $20,000 tax break on the purchase of equipment. If you are a registered small business with an annual turnover of under $2 million, you can claim immediate tax deductions for purchases of $20,000 and under.
Assuming the legislation is passed, this scheme comes into effect retrospectively from 7:30pm on budget night (12 May 2015) and ends 30 June 2017.
We will keep you posted about when, or if, this proposed incentive becomes law.