I rise to contribute to the debate on the Tax Laws Amendment (Small Business Measures No. 3) Bill 2015, and also indicate that I will support this legislation without any reservations.
This legislation will benefit all small businesses of Tasmania and other states, and therefore will increase the job security of their employees.
It will also increase the profitability and prosperity of those businesses and will increase the likelihood that they will be able to grow, and employ more workers, and that can only be a good thing for Tasmania's and Australia's economy.
I will briefly outline the purpose of this legislation as summarised in the Bills Digest, and then I will use this opportunity to outline a policy which will also guarantee the profitability and prosperity of Tasmanian businesses.
This bill amends the Income Tax Assessment Act 1997 to provide a five per cent tax offset capped at $1,000 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 it enables small businesses and individuals to immediately deduct certain costs incurred when starting up a business.
Amendments to the Fringe Benefits Tax Assessment Act 1986 extend the fringe benefits tax exemption that applies to employers who provide employees with work related portable electronic devices.
Read more at the link: Tax Laws Amendment (Small Business Measures No.3)