Small Business 2017

The small business asset write off up to $20,000 has now been extended to 30 June 2018.  The deduction is used for each asset that costs less than $20,000 whether new or second hand.

From 1 July 2017:

  • The tax rate for small business is reduced to 27.5%
  • For sole traders, partnerships and trusts, there is a 8% small business tax offset (up to $1,000 limit) for those with a turnover of less than $5 million.
  • The small business turnover threshold has now been increased to $10 million (previously $2 million).  This means more businesses can access a range of small business concessions including the $20,000 instant asset write off and reduced company tax rate.

The reduced company tax rate of 27.5% will progressively apply to companies with turnover less than $50 million by the 2018-19 income year.