It seems as though the government has released the majority of its small business budget initiatives in the lead up to tonight’s Budget. The Minister for Small Business, Bruce Billson, has labeled tonight’s Budget measures “the most substantial small business package this country has seen.” Initiatives will apparently focus on supporting entrepreneurs and early-stage businesses and include:
- a streamlining of the business registration process
- measures to reduce complexity for entrepreneurs who prefer to avoid the compliance burden and therefore don’t incorporate their businesses
- 1.5% tax cut for small business
- simplifying rules to enable small businesses to crowd fund equity
- a reduction from 5 years to 1 year for the depreciation of costs associated with establishing a new business
- the ability to change legal structure without incurring a liability for capital gains tax.
The waiting game begins.
