Summary
Amends the: Income Tax Assessment Act 1997 to: provide a 5 per cent tax offset (capped at $1000 per income year) to individuals who run small businesses with an aggregate annual turnover of less than $2 million, or who have a share of a small business’ income included in their assessable income; and enable small businesses and individuals to immediately deduct certain costs incurred when starting up a business; and Fringe Benefits Tax Assessment Act 1986 to extend the fringe benefits tax exemption that applies to employers that provide employees with work-related portable electronic devices.