Small Business

2017 Federal Budget Highlights

Small Business

Please see the below link for an overview of the 2017 Federal Budget which was handed down last night.

“Instant Asset Write-Off – The $20,000 instant asset write-off for small business will be extended by 12 months to 30 June 2018, for businesses with an aggregated annual turnover of less than $10m. Assets must be acquired and installed ready for use in your business by this time.”

“Foreign Worker Levy – As an incentive to employ Australian workers, businesses that employ foreign workers on certain skilled visas will be required to pay a levy that will provide revenue for a new Skilling Australians Fund from March 2018.”

There are many more changes that can be read below.

http://abnblog.austbook.net/2017-federal-budget-hightlights/

Accelerated depreciation for Small Business

Australian Taxation Office, Small Business

Are you aware of the small business accelerated depreciation ? If you trade as a small business entity than you are entitled to an immediate deduction for purchases of depreciable assets costing less than $20,000. This will end on 30 June 2017 so now is a great time to consider new purchases to reduce tax. Please click the link below for more information.

https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Small-Business—expanding-accelerated-depreciation/

 

Small Business Benchmarks

Australian Taxation Office, Small Business

Are you running a small business ? Would you like to see how you rank with others in the same industry ? The ATO have used their data to create small business benchmarks for many different industries. You can compare your business by clicking the link below and following the prompts. This is a great tool to improve your business performance by finding which areas can be altered to increase profit margins !

https://www.ato.gov.au/business/small-business-benchmarks/?anchor=Findbenchmarks#Findbenchmarks

 

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