Growing Jobs and Small Business - allow immediate deductibility for professional expenses

The Government announced in the 2015–16 Budget that it will allow small business entities to immediately deduct a range of expenses associated with starting a new business, such as professional, legal and accounting advice.

Previously some costs associated with a new business start-up were apportioned over a five year period.

This change applies from the 2015–16 income year.

Legislation and supporting material

This measure is now law. The legislation enacting this measure is Tax Laws Amendment (Small Business Measures No. 3) Act 2015.

Find out more

Tax Laws Amendment (Small Business Measures No. 3) Act 2015External Link

Supporting start-ups and entrepreneurshipExternal Link - Joint media release issued on 6 May 2015 by the Treasurer and Minister for Small Business

Budget 2015-16 Budget paper No. 2 - Revenue Measures page 17External Link

Small business websiteExternal Link

Jobs and Small Business packageExternal Link

    Last modified: 16 Dec 2015QC 45096