Supporting small business growth
A package of measures to cut red tape and encourage entrepreneurship
The Jobs and Small Business package will remove impediments to growth with additional measures to cut red tape and encourage start‑ups and entrepreneurship.
The Government has already announced reforms which will reduce red tape burdens by $2.45 billion per annum. But there is more still to be done — particularly for small businesses, who face a disproportionately high regulatory burden.
The Government will reduce red tape in the Fringe Benefits Tax (FBT) system by ensuring all small business work‑related portable electronic devices are FBT free.
Small businesses will also benefit from a new Capital Gains Tax rollover relief when changing their legal structures.
The Government will release a consultation paper later in 2015 on potential changes to the Corporations Act to reduce any unnecessarily burdensome or restrictive regulatory requirements for small businesses.
The Tax White Paper is also considering opportunities to reduce red tape associated with the tax system, with a focus on small businesses.
The Jobs and Small Business package also provides a helping hand to small business start‑ups and will facilitate even more entrepreneurial activity.
Streamlining business registration processes will make it easier to start a new business.
Start-ups will also be allowed to immediately deduct professional expenses incurred when they start a business.
Removing obstacles to crowd‑sourced equity funding will help promote small businesses access to finance. This will complement expanded tax concessions for Employee Share Schemes.