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Federal Budget 2015: Small Business

Small business is a sector that came out a clear winner from this year’s Federal Budget. In an effort to support growth and employment, announcements included: tax cuts for every small business; accelerated depreciation for assets less than $20,000; an immediate tax deduction for professional expenses; CGT roll-over relief; and FBT changes for electronic devices.

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Federal Budget 2015: General Business and Tax Administration

General business announcements include: expansion of tax concessions for Employee Share Schemes; changes to the R&D tax incentive; a new tax system for managed investment trusts; streamlined business registration; and facilitation of crowd sourced equity funding. For tax administration: establishment of a Serious  Financial Crime taskforce; the value of penalty units will increase; GST will apply to imported digital products and services; and salary sacrificed meal entertainment and entertainment facility leasing expenses will be capped.

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