Tax tips, tax, it expenses, bookkeeper, ato, startups, small business,

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.