Australia: Opposition against the federal government’s scrapping of tax break


The federal government of Australia will roll back the tax break that was extended to small businesses from January 1 onwards. Earlier, the small businesses were allowed a $6,500 instant asset write-off which will now be brought down to $1,000 only.

460753-billson-to-end-revolving-door-business-Small Business Minister Bruce Billson-global-annal-bhavesh-kumar

The news has been confirmed by Small Business Minister Bruce Billson’s office to which the opposition has responded to the development by calling it a “tax trap” for small business citing the fact that the decision has not yet been passed in the parliament. The so-called tax break was extended in relation to the mining tax.

 

Source: Businessspectator, news.com.au

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