Small businesses are winners in Tuesday night’s Federal budget. What this will mean to small businesses in Canowindra: Small businesses will receive a 1.5% tax cut for small companies and a 5% tax discount on income from unincorporated small business activity, i.e. partnerships.
Small business owners will be able to claim an unlimited number of assets worth up to $20,000. Cars, vans and machinery are immediately 100% tax deductable from Tuesday night.
Small companies with annual sales of under $2 million will have their tax rate cut from 30% to 28.5%. Joe Hockey said “we want people to have a go.”
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