As small businesses enjoy the benefit of a suite of tax breaks, those saving for a home might not be so happy.
Despite growing worries over housing affordability, the first home saver accounts scheme and associated tax concessions that were introduced by the former Labor government will cease from Wednesday.
The decision to drop a measure that was supposed to help people save for a home was taken in Treasurer Joe Hockey's first budget due to the lower than forecast take-up rate.
Dropping it will save almost $135 million over five years.
Legislation was also recently passed that overturned tax cuts due to start in 2015/16 that were linked to Labor's carbon tax regime.
Meanwhile, Mr Hockey's $5.5 billion small business package from last month's budget, which includes the company tax rate for small firms being cut to 28.5 per cent from 30 per cent, gets into full swing on July 1.
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.
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, while such businesses can also immediately deduct a range of professional expenses when they start operation.
Streamlining the various ways claims can be calculated for work-related car expenses and a better targeting of tax concession for "fly-in fly-out" workers were also due to start from July 1, but the legislation is yet to pass parliament.
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