Govt gives business tax break priority

The federal government has listed its small business tax breaks as the first order of business for the Senate on Monday.

Labor supported the legislation through the lower house and is expected to give it speedy passage through the upper house.

The laws give small businesses an immediate tax deduction for any assets they buy costing less than $20,000, cut the company tax rate by 1.5 percentage points for small incorporated businesses and provide a five per cent tax discount to small unincorporated businesses.