Welcome to our June monthly newsletter!
Labor has won the election, but what does this mean for you – the small business owner? Not much is changing directly for small business, however there will be significant increases to wages and superannuation payments. These changes will not only increase employee expenses, but we will also see price increases by suppliers. Business owners may find themselves tightening their budgets. However, with the increase in wages, business sales may too see an increase.
For individuals, the final stages of the tax cuts will continue, and no new taxes will be applied as well as the discontinuation of the low-and-middle-income tax offsets that will cease in 2023 as planned.