Joe Hockey Announces Support for Small Business, Start-ups and Entrepreneurship
This week the Federal Treasurer, The Hon Joe Hockey MP, announced a number of proposed changes to the income tax laws designed to assist small businesses, including start-ups, and to help remove barriers to entrepreneurship.
“Small business has been telling us that red tape and regulation is killing them. Today we are announcing measures that make it easier for small business to do business.”
The proposed measures include –
- From July next year, new start-ups will be able to immediately deduct the costs of professional advice and services (including accounting and legal costs) associated with starting their business.
- Small business owners will be able to change the legal structure of their business without incurring a Capital Gains Tax liability.
- Obstacles to crowd-sourced equity funding will be removed.
- Business registration will be streamlined.
- The Government also intends to consult on the current framework that guides the establishment and regulation of corporations, with a view to removing or relaxing regulatory requirements in order to reduce costs and make it easier to start and run a business.
The announcement is great news for our small business clients and we welcome the Governments initiatives in this area. We will closely monitor the progress of the initiatives as they are fine tuned and ultimately, hopefully, become law.
It has been some time since we have seen a regular flow of new tax laws aimed at assisting small business and entrepreneurs in Australia, who knows this could just be the beginning of a very interest time!
Check out the media release here.
Then come speak to us to discuss your new business idea and how to take advantage of these proposed new laws.