A swag of small business tax initiatives come into operation when the new financial year begins on Wednesday.
Foreign investors who hold interests in agricultural land will also have to register with the Australian Tax Office regardless of their land value from July 1.
The centrepiece of last month's budget, the small business package, gets into full swing with the company tax rate for small companies being cut to 28.5 per cent from 30 per cent from the start of the month.
Owners of unincorporated businesses that don't pay company tax will receive a five per cent tax discount of up to $1000 for the 2015/16 financial year.
A key component of the package, the $20,000 instant asset write-off, has been in operation since the May 12 budget night for businesses with a turnover below $2 billion compared with a previous threshold of $1000.
Businesses that have already taken advantage of the initiative will be able to claim when they submit their 2014/15 tax return.
A survey released on Monday found one in 10 small businesses have already taken advantage of the increased accelerated depreciation measure, while two out three intend to follow suit soon.
Farmers were also able to claim deductions on their capital expenditure on fencing and water facilities from budget night.
From July 1 employee share scheme tax concessions will reduce the compliance burden on eligible start-up companies.
The government is also establishing a loan facility of up to $5 billion aimed at increasing private sector investment in infrastructure as part of its economic push for northern Australia.
The facility will be open to applications from July 1.
The land registry for all foreign investors in agriculture starts on Wednesday.
The ATO will collect information such as the location and size of property, the size of interest acquired and the country of origin of the purchaser of new foreign investment in agricultural land.
This data will made available to the public from 2016.
"The new register will strengthen reporting requirements and provide a clear and accessible picture of foreign ownership of agricultural land," Treasurer Joe Hockey and Agriculture Minister Barnaby Joyce said in a joint statement.
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