Small business bill passes Parliament

"Small businesses will now be able to restructure their business without incurring an immediate tax bill," minister for small business and assistant Treasurer Kelly O’Dwyer said.

"The coalition is providing the right tools for small businesses to grow their business, and [this] legislation minimises complexity and risk."

Ms O'Dwyer noted that the government has now delivered all of the tax measures promised in its $5.5 billion Growing Jobs and Small Business package in last year's budget.

"These new measures also complement the government’s National Innovation and Science Agenda, which provide a range of incentives for innovative start-ups to reach their potential," she added.

"The government is reducing the burden of unnecessary red tape on small businesses."

The government’s 2015-16 budget Growing Jobs and Small Business package includes:

• tax cuts for all incorporated small businesses to 28.5 per cent;

• five per cent tax discount for unincorporated small businesses;

• cutting red tape on small business by simplifying the process for establishing and maintaining an employee share scheme;

• immediate deductibility of all eligible assets costing less than $20,000; and

• immediate deductibility of professional expenses for new small businesses.

"The Turnbull Government is creating the right conditions for Australian small businesses to grow and the passage of the Bill is another example of this," Ms O’Dwyer said.