Despite focusing on building community support, the recent Federal Budget has plenty in it to benefit small business, from tax concessions to skills incentives.
Following the announcement of the Federal Budget earlier this month, NSW Business Chamber has called on the Senate to pass the Federal Budget as it has been presented, highlighting several key measures which will benefit small business. These include:
Instant asset write-off scheme
The popular instant asset write-off scheme, which allows businesses with a turnover of under $10m to immediately write off depreciating assets that cost less than $20,000, will be extended to 30 June 2018. The scheme was originally to expire on 30 June 2017.
10-year Enterprise Tax Plan
Although the government faces continued opposition to elements of its Enterprise Tax Plan, announced last budget, it has announced it will implement its first phase, as planned. This means companies with a turnover of less than $10 million will pay a reduced company tax rate of 27.5 per cent this financial year.
Skilling Australia Fund
A new $1.5bn four year Skilling Australia Fund will be used by the Federal and State Governments for projects designed to improve participation in apprenticeships and traineeships.
National Partnership on Regulatory Reform
A new $300 million fund will be made available over two years under the new National Partnership on Regulatory Reform to incentivise the States and local governments to lessen the regulatory burden on small businesses and remove other restrictions that hinder economic growth and competition.
Tackling the energy crisis
A number of measures to address the current energy crisis will be implemented, including $90 million to address short term gas supply issues.
Dispute resolution framework
A new framework for dispute resolution will be set up, including a one stop shop, the Australian Financial Complaints Authority, to consider all financial disputes to ensure that consumers and small businesses have access to effective dispute resolution.
To read the full budget papers, click here.