This year’s federal Budget contained great news for small business.
The $5.5 billion small business package includes:
- a 1.5 % corporate tax cut (from 30% to 28.5%)
- new accelerated depreciation rules, which allows an immediate tax deduction for any individual assets purchased less than $20,000. This $20,000 limit applies to each individual item, with businesses allowed to apply the new measure to as many individual assets as they wish. The arrangements came into effect from 7.30pm on the 12th of May 2015 and will continue until the end of June 2017.
There are a number of elements in the Budget that will rely upon the advice provided by your Accountant. The government showed how vital it believes accountants are to small business as their trusted productivity advisers. This is proven by the inclusion of the immediate deductibility of professional advice, the instant asset write-off and the restricting concessions, all of which sit firmly in the realm of professional accountants to provide excellent advice to small businesses who need it.
We see a significant opportunity to advise our clients on how best to move forward in the new business-friendly environment. It will allow small business the opportunity to sit back and think broadly about the direction of their business, with cash retained from these initiatives reinvested to boost growth, and that’s a great thing for the future of your business.