More than 45,000 trucking businesses will benefit from the small business tax changes announced in this week’s Budget, ATA CEO Chris Melham (left) said.
The Budget confirms the Government will reduce the company tax rate for small businesses with a turnover of less than $2 million per year from 30 per cent to 28.5 per cent. Individuals who receive a business income from an unincorporated small businesses with a turnover of less than $2 million per year will be able to claim a tax offset of up to $1,000.
Small businesses with a turnover of less than $2 million per year will get an immediate tax deduction for every individual asset they buy costing less than $20,000. The immediate tax deduction will be available from this evening until 30 June 2017.
Chris said the trucking industry would particularly benefit from these measures.
“There are almost 49,000 trucking businesses in Australia. More than 45,000 come in under the $2 million turnover threshold announced by the Government,” he said.
“These small businesses operate on tight margins, and the ATA welcomes this reduction in their tax burden.”