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Second Reading Speeches

Tax Laws Amendment (Small Business Measures No. 3) Bill 2015

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
44

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Summary

Amends the:

Income Tax Assessment Act 1997
to: provide a 5 per cent tax offset (capped at $1000 per income year) to individuals who run small businesses with an aggregate annual turnover of less than $2 million, or who have a share of a small business’ income included in their assessable income; and enable small businesses and individuals to immediately deduct certain costs incurred when starting up a business; and
Fringe Benefits Tax Assessment Act 1986
to extend the fringe benefits tax exemption that applies to employers that provide employees with work-related portable electronic devices.

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