All small businesses can immediately deduct every asset costing less than $20,000 purchased since Budget night (May 2015), and can continue to do so until the end of June 2017.
Please check with your accountant if you are unsure. Certain purchases still need to be capitalised.
Small companies with a turnover of less than $2 million will benefit from a 1.5 per cent tax cut from 1 July 2015.