Small business set to benefit from changes in this financial year

"Local small business is the foundation of regional economies like ours and I will continue to do everything I can to support our local small businesses."

"Local small business is the foundation of regional economies like ours and I will continue to do everything I can to support our local small businesses."

We’re already a couple of weeks into the new 2017-18 financial year, but if you’re a small business owner you may have missed all the ways you’re set to benefit from this July.

As small businesses employ almost one in every two Australians in the workforce, these changes back local businesses to create even more jobs and keep our economy growing.

Changes to make for simpler Business Activity Statements (BAS), an extension to the instant asset write-off program, and the opportunity to opt in to the single-touch payroll are all in place now, to help local small businesses grow and expand.

Single-touch payroll

As a former small business owner, I know time is limited so many small business owners will be able to take advantage of the single-touch payroll.

Reporting wages, Pay-As-You-Go (PAYG) accounts withholding and superannuation information to the Australian Taxation Office can be very time-consuming for small businesses so simplifying this system is great news.

The $20,000 instant asset tax write-off is a fantastic opportunity for small businesses to invest in themselves and grow.

I’m very pleased that the Coalition Government has secured a twelve month extension to the program. Speaking with small business owners, I’ve heard how popular the asset write-off is and the tangible impact it’s had.

Changing the definition of small business to include a turnover of up to $10 million means that more local businesses will be eligible for these great new initiatives.

This new threshold will allow more small businesses to take advantage of these features and hire more local employees. Local small business is the foundation of regional economies like ours and I will continue to do everything I can to support our local small businesses.

For more about these initiatives, visit www.business.gov.au/smallbusiness.

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