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Australian Parliament passes small business tax cuts – Don’t forget to adequately Insure purchases!

Jun 24, 2015

Your probably aware all small businesses with a turnover of less than $2m can immediately deduct 100% of every newly purchased asset costing less than $20,000, after key measures passed through Federal Parliament on Monday 15 June.

The ruling applies to all purchases made since the Budget was announced on 12 May 2015, and will remain applicable until 30 June 2017. It was also confirmed that small businesses will benefit from a 1.5% tax cut from 1 July 2015.

AustBrokers Comsure felt it was important to raise this information with our clients who have small businesses, and we take this time to also remind you that any new assets purchased must be included in your sums insured.

The best way to achieve an accurate sums insured is to speak with your AustBrokers Comsure Adviser. It is very important you don’t run the risk of being underinsured.

*Please note, this is general information only. Any taxation matters please discuss with your Accountant or Tax Professional.


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