Growing Jobs & Small Business.

Joe Hockey’s recent budget announcement contained the Growing Jobs & Small Business package. In a nut shell it contains the following:

1. lowest small business company tax rate in almost 50 years

2. tax cuts of 1.5% (down to 28.5%) for incorporated small businesses with annual turnover up to $2 million

3. 5% tax discount, up to $1,000 a year, for unincorporated small businesses

4. immediate tax deduction for each and every asset purchase up to $20,000

5. immediate deduction of professional expenses for start-ups