Since the 2014 Tax Expenditures Statement (TES), the Government has introduced a 1.5 per cent tax cut for small companies, along with a 5 per cent tax discount for unincorporated small business activity and tax incentives for angel investors. These are reported as new expenditures in the 2015 TES.
Another existing tax expenditure (B79) has been modified to reflect the 2015-16 Budget measure increasing the asset value threshold for the immediate write-off for small businesses from $1,000 to $20,000.
Appendix C lists all new, modified and deleted tax expenditures.
This year’s TES includes an additional technical appendix (Appendix A) about some matters that are frequently raised with regard to the superannuation tax expenditures.
On 3 December 2015, the House of Representatives Standing Committee on Tax and Revenue released its report into the Tax Expenditures Statement. The Government will respond to the report in 2016 and this response will be implemented from the 2016 Tax Expenditures Statement, expected to be released in early 2017.