Small Businesses in Australia Getting Tax Relief

Under a new business tax system to be revealed on Sunday, Australian small businesses will get some help on their taxes under the new plan, much of it related to getting tax breaks at a quicker rate than before.

One example would be to allow small businesses to claim some of their assets at full value to deduct over one year instead of the prior practice of several years.

The reasoning behind the initiative is to do more to help small business in Australia, which employs approximately 5 million workers in the country, and like other countries, is the foundation of their national economy.

Most countries are girded up by small business, which generates more new jobs than larger companies do.

Prime Minister Kevin Rudd seemed to address this very thing when talking about some will be happy with the tax changes and others ones won't, evidently referring to larger businesses. One unpopular one would be a new tax on the super profits of commodity companies, which has already raised the ire of some of the owners of those companies, assuming the reports are accurate.

According to the Herald Sun, other changes in the tax system will include the alcohol tax, superannuation tax, simplifying childcare benefits, getting rid of tax returns for regular workers with basic tax affairs, and the introduction of a congestion charge for those driving in the city a peak hours.

Most of this is an attempt to simply the tax system so small businesses can focus more on running their businesses than dealing with a bunch of paperwork.