Australia Parliament Passes Tax Deductions for Small Businesses

Australia’s small businesses will be able to write off assets up to A$20,000 ($13,278) and deduct costs on energy efficient assets under a bill passed by Parliament on Tuesday.

The bill broadens the deduction on depreciating assets for businesses under A$10 million in annual revenue by increasing the threshold from A$1,000 to A$20,000 on eligible assets up to June 30, 2024.

It also provides a bonus 20% deduction for business under A$50 million in annual revenue on the cost of their assets relating to electrification and more efficient energy use.

The bill will need to be presented to the ...