With the 2017 Federal Budget in full swing now, there are some changes that small businesses need to be aware of and our bookkeepers for small businesses in Sydney will tell you the main things for you to know of.
Here’s what our small business bookkeeping company in Sydney gathered for the business owners out there:
• Governments extended the asset right off to $20,000 immediate tax for another 12 months. This turnover threshold has also been increased to $10M for immediate tax.
• Commitment to lowering corporate tax rates for all businesses to 25%, as apart of the Ten Year Enterprise Tax Plan
• Work Visa’s and skill shortages, this will in-turn mean that the temporary work visa will be abolished and replaced with a visa restricted to critical skills shortages. This will help ensure that Australians are entitled to general jobs and funds will be contributed to this in order to train Australians in these fields lacking skill
• The government is paying $300M to reduce the burden on small business costs, in order to give them time to grow and help their businesses
This is just the start of things that the 2017 Federal budget talks about, be sure to let us know if our small business bookkeepers in Sydney had some helpful information.
As always, feel free to contact our bookkeepers for small businesses in Sydney with any enquiries that you may have.