Small business accountant in Zetland discusses the budget announcement
As Australia’s original accounting firm for small business, we’re here to help you with your small business accounting, and being the leading small business accountant in Sydney, we’re also here to provide with you with information to assist in your small business.
With the announcement of the budget, let’s take a look over 3 articles this week, on what it means for small businesses in Australia. As your small business accountant in Zetland, there seems to be some wins for small businesses.
It seems that tax cuts formed a large part of the announcement this week, with Treasurer Josh Frydenberg’s saying that they’re doing plenty for Australia without raising taxes.
He has said that government is committed to implementing the cuts to the rate at which small business tax is charged, pushing it down to 25% by 2022. The government also said it would deliver both immediate and longer-term cuts to personal income tax rates.
The instant asset write-off has been extended once again, and now has been offered to businesses with annual turnover of up to $50 million for assets worth up to $30,000. There was also mention of an additional $60 million to be spent on supporting businesses looking to grow their business via exporting.
As your small business accountant in Zetland, we will provide part 2 of the budget announcement summary in our next article and how it impacts small businesses.