The small business tax package aims to boost innovation and the ability of entrepreneurs to start new enterprises, with revamped employee share schemes and widened access to equity funding.
Start-ups will be allowed to immediately deduct professional expenses incurred when they start a business, such as legal expenses, rather than writing them off after five years. The move is designed to boost cashflow.
The government will also establish a single online registration site, and is promising to make it easier for private companies to crowd-source equity funding.
The small business package also relaxes the tax treatment of employee share schemes.