Small business receives instant tax deductions for new assets costing less than $20,000. The current threshold is $1,000 .
Small businesses can claim 100% tax deduction on a range of business start-up expenses including accounting, legal and other professional advice. Company tax rates will be reduced from 30% to 28.5% for small business owners .
Sole Traders and partnerships such as home bases business owners will be eligible for an annual 5.0% tax discount up to $1,000 a year, starting on July 1, 2015.
Farmers will receive immediate tax deductions for the full cost of Water facilities and new fences.
Fences are currently depreciable over 30 years. Fodder Storage facilities for Livestock will be depreciable over 3 years.
Farmers in drought affected areas will also benefit from a $300 million drought assistance package.
The 2015 budget offers a very different approach to last year’s proposed spending cuts.