News Flash! Budget help for small businesses

News Flash! Budget help for small businesses

We understand that small businesses who are not operating through a company, will be given an alternative to a tax cut in next week’s federal budget after it became too difficult to match the 1.5 per cent tax cut which will be given to those operating their business via a company. As only about 1/3 of small businesses are operated through a company, the Government has looked at other ways to assist the 2/3rd of small businesses who don’t operate through a company (eg operate via a trust, partnership or as a sole trader).

All small businesses, to be defined as having an annual turnover of $2 million or less, will be eligible for a new accelerated depreciation policy allowing them to write off up to $10,000 in a year.

If there are any queries please do not hesitate to contact our office on 07 3394 2311.

2015-05-07T15:39:07+00:00