No FBT on Work-Related Electronic Devices

The Government will allow an FBT exemption for small businesses with an aggregated annual turnover of less than $2m that provide employees with more than one qualifying work-related portable electronic device, even where the items have substantially similar functions.
 

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Immediate Deduction for Set-up Expenses

The Government has confirmed that it will allow businesses to immediately deduct a range of professional expenses associated with starting a new business, such as professional, legal and accounting advice. For example, expenses with establishing a company, trust or partnership.

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Small Business Depreciation Write-off

The Budget announced that small businesses (aggregate annual turnover less than $2m) would be able to immediately write-off assets they start to use or install ready for use, provided the asset costs less than $20,000 – the existing write-off threshold is $1,000.

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