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Small Business Tax Changes

10-Year Enterprise Tax Pan to Continue

The Government is continuing to move forward with its ten-year enterprise tax plan to reduce the corporate tax rate to 25% by 2026-27.

$20k instant asset write-off for small business entities extended by 12 months to 30 June 2019;

The threshold was due to return back to $1,000 from 1 July 2018. Now, small business entities (turnover of less than $10M) will be able to immediately deduct purchases of eligible depreciating assets costing less than $20,000 that are purchased between 1 July 2018 and 30 June 2019. These assets need to be first used or installed ready for use by 30 June 2019.

From 1 July 2019, the threshold will return back to $1,000.

Crackdown on salary/wage and contractor payments

Businesses will no longer be allowed to claim tax deductions for payments of salary and wages that have not met their PAYGW obligations.

Additionally, businesses who fail to obtain their contractors ABN or fail to withhold PAYG to contractors that they should be withholding on will also be denied claiming these payments as a tax deduction.

These changes are to be effective from 1 July 2019.

No Small Business Concessions for assigning partner rights like “Everett Assignments”

From 7.30PM AEST on 8 May 2018, partners seeking to assign their partnership interests to other entities will no longer be able to access the small business CGT concessions in relation to the disposal of their rights.


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